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iUSINESS 


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in  20p7  with  funding*  froni 

IVIicrosoft  Corporation 


http://www.archive.org/details/forgingaheadinbuOOalexrich 


Forging  Ahead 
In  Business 


Alexander  Hamilton  Institute 

AsTOR  Place  New  York  City 

Cattadian  Address,  C.  P.  R.  Bldg^.,  Toronto. 
Australian  Address ^  8a  Castlereagh  Street^  Sydney. 


Copyright,  1921,  by- 
Alexander  Hamilton  Institute 


IS^S  -oil 


CONTENTS 

PAGE 

Foreword — The  Law  of  Success 7 

CHAPTER 

I     The  Modern  Business  Course  and  Service  .  .  9 

II     The  Danger  of  Specializing  Too  Early.  ...  30 

III     Pushing  Beyond  the  Half-way  Mark 35 

IV     A  Personal  Problem 43 

V     The  Question  Before  You 69 

VI     Descriptive  Outline  of  the  Course 72 

VII     Advisory  Council,  Lecturers  and  Staff  ....  97 


M^4552 


Organization  of  the 
Alexander  Hamilton  Institute 

Advisory  Council 

Joseph  French  Johnson,  D.C.S.,  LL.D. 

Dean,  New  York  University  School  of  Commerce,  Accounts 

and  Finance 
Frank  A.  Vanderlip,  A.M.,  LL.D. 

Financier 
T.  Coleman  duPont,  D.C.S. 

Business  Executive 
John  Hays  Hammond,  D.Sc,  LL.D. 

Consulting  Engineer 
Jeremiah  W.  Jenks,  Ph.D.,  LL.D. 

Research   Professor  of  Government  and  Public  Administra- 
tion, New  York  University 

Special  J^ecturers 

Erastus  W.   Bulkley,  Member  of  the  firm,  Spencer  Trask   and 
Company 

Herbert  S.  Collins,  Vice-President,  United  Cigar  Stores  Company 

Henry  M.  Edwards,  Auditor,  New  York  Edison  Company 

Harrington  Emerson,  Efficiency  Engineer 

Charles  Ernest  Forsdick,  Controller,  Union  Oil  Company 

Orlando  C.  Ham,  Chairman  of  Sales,  National  Lead  Company 

A.  Barton  Hepburn,  Chairman,  Advisory  Board,  Chase  National 
Bank,  New  York 

Frederic  H.  Hurdman,  Certified  Public  Accountant 

Lawrence  M.  Jacobs,  Vice-President,  International  Banking  Cor- 
poration 

Jackson  Johnson,  Chairman,  International  Shoe  Company,  St.  Louis 

Fowler  Manning,  Director  of  Sales,  Diamond  Match  Company 

Finley  H.  McAdow,  Past  President,  National  Association  of  Credit 
Men 

General  Charles  Miller,  Former  Chairman  of  tlie  Board,  Galena- 
Signal  Oil  Company 

Melville  W.  Mix,  President,  Dodge  Manufacturing  Company 

Emmett  H.   Naylor,  Secretary-Treasurer,  Writing  Paper  Manu- 
facturers' Association 

Holbrook  F.  J.  Porter,  Consulting  Engineer 

Welding  Ring,  Exporter 

Arthur  W.  Thompson,  President,  The  Philadelphia  Company  of 
Pittsburgh 

Frederic   S.    Todman,    General    Manager,    Hirsch,    Lillienthal    & 
Company 

John   C.    Traphagen,   Treasurer,   Mercantile   Trust   and   Deposit 
Company  of  New  York 

John  Wanamaker,  Merchant 

Walter  N.  Whitney,  Vice-President,  Continental  Grocery  Stores, 
Inc. 

4 


Authors,  Collaborators  and  Staff  Members 

Albert  W«  Atwood,  A.B.,  The  Stock  and  Produce  Exchange 

Bruce  Barton,  General  Publicity 

Dwight  E,  Beebe,  B.L.,  Collections 

Ralph  Starr  Butler,  A.B.,  Marketing  and  Merchandising 

Geoffrey  S.  Childs,  B.C.S.,  Office  Methods 

Edwin  J.  Clapp,  Ph.D.,  Transportation  and  Terminal  Facilities 

Raymond  J.  Corayns,  B.C.S.,  Personal  Salesmanship 

Herbert  F.  deBower,  LL.B.,  Business  Promotion 

Roland  P.  Falkner,  Ph.D.,  Business  Statistics 

Major  B.  Foster,  M.A.,  Banking  Principles 

Charles  W.  Gerstenl)crg,  Ph.B.,  LL.B.,  Finance 

Leo  Greendlinger,  M.C.S.,  C.P.A.  (N.  Y.),  Financial  and  Business 

Statements 
J.  Anton  deHaas,  Ph.D.,  Foreign  Trade  and  Shipping 
John  Hays  Hammond,  Consulting  Engineer 
Edward  R.  Hardy,  Ph.B.,  Fire  Insurance 
Warren  F.  Hickernell,  Ph.D.,  Business  Conditions 
Solomon  S.  Huebner,  Ph.D.,  Marine  Insurance 
Charles  W.  Hurd,  Business  Correspondence 
Jeremiah  W.  Jenks,  Ph.D.,  LI>.D.,  Relation  of  Government  to 

Business 
Joseph  French  Johnson,  D.C.S.,  LL,D.,  Economic  Problems; 

Business  Ethics 
Walter  S.  Johnson,  B.A.,  B.C.L.,  Commercial  Law 
Edward  D.  Jones,  Ph.D.,  Investments 
John  G.  Jones,  Sales  Management 

Dexter  S.  Kimball,  A.B.,  M.E.,  Cost  Finding;  Factory  Management 
Bernard  Lichtenberg,  M.C.S.,  Advertising  Principles 
Frank  L.  McVey,  Ph.D.,  LL.D.,  Economics 
John  T.  Madden,  B.C.S.,  C.P.A.  (N.  Y.),  Accounting  Practice 
Mac  Martin,  Advertising  Campaigns 

G.  F.  Michelbacher,  M.S.,  Compensation  and  Liability  Insurance 
T.  Vassar  Morton,  Litt.B.,  Credit  Practice 
Bruce  D.  Mudgett,  Ph.D.,  Life  Insurance 
E.  L.  Stewart  Patterson,  Domestic  and  Foreign  Exchange 
Frederic  E.  Reeve,  C.P.A.,  Accounting  Principles 
Jesse  H.  Riddle,  M.A.,  Banking 
Frederick  C.  Russell,  B.C.S.,  Auditing 
Bernard  K.  Sandwell,  B.A.,  International  Finance 
William  W.  Swanson,  Ph.D.,  Money  and  Banking 
John  B.  Swinney,  A.B.,  Merchandising 
William  H.  Walker,  LL.D.,  Corporation  Finance 


THE  LAW  OF  SUCCESS 

DURING  the  winter  of  1883  a  slim,  studious 
young  man  was  working  as  assistant  fore- 
man in  a  greasy  little  machine  shop  at  Aurora, 
Illinois.  He  was  saving  money  with  a  view  to 
spending  the  next  year  at  the  State  University, 
and  he  was  devating  every  minute  of  his  spare 
time  to  thought  and  reading.  He  was  not  mak- 
ing much  of  a  stir  in  the  world,  and  only  a  few 
of  his  close  friends  ever  gave  a  second  thought  to 
his  ambitions  or  prospects. 

One  of  these  friends  was  a  newspaper  reporter, 
a  recent  Harvard  graduate.  He,  too,  was  inter- 
ested in  study,  especially  of  financial  questions, 
and  he  found  it  a  pleasure  to  guide  the  reading 
of  the  young  foreman.  Many  an  evening  the  two 
friends  spent  in  the  discussion  of  great  economic 
and  financial  problems.  Though  both  men  had 
their  ambitions  and  dreams,  it  did  not  occur  to 
either  one  that  he  would  ever  play  a  big  part  in 
solving  these  problems. 

A  few  years  later  the  Harvard  graduate  be- 
came financial  editor  of  the  Chicago  Tribune  and 
brought  in  the  younger  man  as  his  assistant. 

7 


During  their  years  of  newspaper  work  together 
they  continued  to  study  and  think,  and  their 
knowledge  of  business  principles  and  methods 
gradually  broadened.  They  were  fitting  them- 
selves almost  without  knowing  it  to  step  forward 
into  positions  of  leadership. 

Today,  the  former  reporter  is  the  head  of  a 
great  university  school  of  commerce;  the  assist- 
ant foreman  became  the  president  of  the  largest 
bank  in  the  United  States.  One  of  these  men  is 
Joseph  French  Johnson,  now  Dean  of  the  New 
York  Universitj^  School  of  Commerce,  Accounts 
and  Finance.  The  other  is  Frank  A.  Vanderlip, 
the  great  financier. 

The  life  histories  of  most  men  who  have  suc- 
ceeded in  a  large  way  are  equally  simple.  They 
have  looked  ahead,  they  have  planned,  they  have 
equipped  themselves  with  all  the  business  knowl- 
edge available,  and  success  has  followed.  Success 
must  follow.  The  law  of  success  is  as  definite  as 
the  law  of  gravity.    Here  it  is : 

Prepare  in  advance  for  opportunities. 

It  is  not  the  dramatic  moments  of  life  that 

count.     It  is  the  quiet  planning  and  reading  of 

the  man  who  is  getting  ready  now  for  what  is 

going  to  happen  two,  five  or  ten  years   from 

now. 

8 


Chapter  I 

THE  MODERN  BUSINESS  COURSE 
AND  SERVICE 

AS  Dean  of  New  York  University  School  of 
L  Commerce,  Accounts  and  Finance,  Joseph 
French  Johnson  had  for  manj^  years  continually 
received  letters  requesting  advice  on  what  to  read 
on  business. 

These  demands  came  not  only  from  young 
men,  but  from  mature  and  able  executives,  and 
sometimes  even  from  the  most  successful  business 
leaders.  To  all  such  requests  Dean  Johnson  w^as 
obliged  to  reply  that  the  only  practical  way  to 
study  the  fundamental  principles  of  business  in 
a  systematic  manner  was  to  attend  the  lectures 
in  university  schools  of  commerce. 

At  that  time  the  literature  of  business  was 
scanty  and  for  the  most  part  of  doubtful  value. 
Working  alone,  a  man  could  get  but  little  help 
in  his  efforts  to  widen  and  deepen  his  knowledge 
of  business  principles. 

It  became  evident  that  there  was  a  great  need 

9 


for  an  organized,  logical  statement  of  the  basic 
principles  on  whidi  successful  business  is  founded. 
It  was  determined  to  establish  an  institution  which 
should  meet  the  demand.  After  years  of  prepara- 
tion the  Alexander  Hamilton  Institute  was  estab- 
lished in  1909. 

The  name 

In  selecting  the  name,  it  was  agreed  that 
none  could  be  so  suitable  as  that  of  Alexander 
Hamilton. 

Hamilton  is  perhaps  chiefly  remembered  for 
his  masterly  statesmanship;  but  he  was  equally 
conspicuous  as  soldier,  financier,  author,  organ- 
izer and  practical  economist. 

He  was  without  doubt  the  greatest  manager 
ever  employed  by  the  United  States  Govern- 
ment. When  he  became  the  first  Secretary  of 
the  Treasury,  he  found  a  chaotic  government, 
without  money,  without  credit,  and  without  or- 
ganization. He  secured  order,  provided  funds 
and  created  prosperity.  He  investigated  the  in- 
dustries and  directed  the  early  commercial  devel- 
opment of  the  United  States.  "He  touched  the 
dead  corpse  of  the  public  credit,  and  it  sprang 
upon  its  feet.  He  smote  the  rock  of  the  na- 
tion's resources  and  abundant  streams  of  revenue 
gushed  forth." 

10 


Hamilton  was  a  great  executive  and  systema- 
tizer;  he  himself  worked  out  an  accounting  sys- 
tem for  the  United  States  Government  which, 
with  but  slight  modifications,  remained  in  force 
for  more  than  a  hundred  years. 

The  plan 

The  Modern  Business  Course  and  Service  is  a 
systematic,  time-saving  method  of  bringing  to 
any  man's  office  or  home  that  business  knowledge 
and  training  which  he  needs,  but  which  he  can- 
not acquire  through  his  own  experience. 

It  is  designed  for  the  benefit  of  two  groups 
of  men: 

( 1 )  those  who  already  are  in  executive 

or  semi-executive  positions ; 

(2)  young  men  who  have  brains  and 

the  ambition  to  become  business 

executives. 

y^ 
It  is  intended,  in  general,  for  the  men  who  are 

looking  and  moving  ahead ;  for  live,  keen-witted, 
energetic  men;  for  men  who  are  not  satisfied  to 
remain  in  the  ranks  or  in  subordinate  positions. 
These  men  may  or  may  not  have  had  a  thorough 
school  and  college  training;  that  is  not  an  essen- 
tial. They  may  or  may  not  have  wealth  and  high 
position;  that  is  unimportant.     But  they  must 

11 


have  ability  and  enough  serious  purpose  to  spend 
a  portion  of  their  spare  time  in  reading  a^d 
thinking  about  business  problems./ 

The  organization 

The  Modern  Business  Course  and  Service  is 
conducted  by  an  organization  made  up  of  busi- 
ness and  professional  men  and  of  university  spe- 
cialists in  business  subjects.  Inasmuch  as  such 
an  institution  derives  its  strength  almost  wholly 
from  the  men  who  are  identified  with  it,  a  com- 
plete list  of  these  men,  with  brief  biographical 
notes  to  show  who  they  are  and  what  they  have 
accomplished,  is  given  in  Chapter  VII,  on  pages 
97  to  118. 

The  Institute  organization  consists  of  four 
groups : 

/  Advisory  Council 

>l  Authors  and  Collaborators 

^b  Special  Lecturers 

Institute  Staff 

a.  Consultant  Staff 

b.  Administrative  Staff 

Business  and  educational  authority  of  the 
highest  standing  is  represented  in  the  Advisory 
Council  of  the  Institute. 

12 


This  Advisory  Council  consists  of  Frank  A. 
Vanderlip,  the  financier;  T.  Coleman  duPont, 
the  business  executive;  John  Hays  Hammond, 
the  eminent  engineer;  Joseph  French  Johnson, 
Dean  of  the  New  York  University  School  of 
Commerce;  and  Jeremiah  W.  Jenks,  the  statis- 
tician and  economist.  The  Council  has  general 
supervision  and  direction  of  the  policies  and 
activities  of  the  Institute.  No  important  move 
of  any  kind  is  made  without  the  sanction  of  this 
bodj^ 

The  Authors  and  Collaborators  are  men  prom- 
inent in  educational  and  business  circles.  As 
authors,  co-authors  and  collaborators  they  are  re- 
sponsible for  the  Modern  Business  volumes. 
Their  writing  is  done  under  the  guidance  and 
with  the  cooperation  of  the  Institute's  Editorial 
Board.  Each  one  is  chosen  because  of  his  partic- 
ular training  and  ability  in  the  field  he  covers. 

The  Special  Lecturers^  whose  business  connec- 
tions are  stated  on  pages  111  to  118,  are  men  of 
high  commercial  standing  who  have  devoted 
time  and  thought  to  preparing  written  lectures 
for  the  Modern  Business  Course  and  Service. 
These  lectures  present  some  of  the  results  of  their 
successful  business  experience. 

13 


The  Imtitute  Staff  actively  conducts  the  Mod- 
ern Business  Course  and  Service.  Many  of  the 
members  of  the  Staff  are  also  members  of  the 
faculties  of  university  schools  of  commerce. 
Every  member  of  the  Staff  is  a  specialist  who 
in  some  one  business  subject  is  entitled  to  rank 
as  an  authority.  Their  names,  business  and  uni- 
versity connections  and  official  duties  in  the 
Institute  are  stated  on  pages  100  to  110. 

(a)  The  Consultant  Staff  are  the  experts  who 
do  not  give  their  entire  time  to  the  Institute,  but 
who  are  called  upon  for  special  information 
and  advice  ^\iienever  the  occasion  requires. 

(b)  The  Administrative  Staff  consists  of  the 
Senior  and  Junior  Executives  who  are  active  in 
the  administrative  work  of  the  organization. 
These  men  are  heads  of  the  departments  respon- 
sible for  the  successful  management  of  the  Alex- 
ander Hamilton  Institute. 


Subjects  covered 

The  Modern  Business  Course  and  Service 
brings  to  a  subscriber  the  essential  business 
knowledge  that  he  does  not  acquire  in  his  own 
experience.    The  subject  matter  of  the  Cour-se 

14 


and  Service  is  treated  under  the  fcdlowing  24 
heads  : 

1.  Business  and  the  Man 

2.  Economics — ^the  Science  of  Business 

3.  Business  Organization 

4.  Plant  Management 

5.  Marketing  and  Merchandising 

6.  Salesmanship  and  Sales  Management 

7.  Advertising  Principles 

8.  Office  Administration 

9.  Accounting  Principles 

10.  Credit  and  Collections 

11.  Business  Correspondence 

12.  Cost  Finding 

13.  Advertising  Campaigns 

14.  Corporation  Finance 

15.  Transportation 

16.  Foreign  Trade  and  Shipping 

17.  Banking 

18.  International  Exchange 

19.  Insurance 

20.  The  Stock  and  Produce  Exchanges 

21.  Accounting   Practice   and   Auditing 

22.  Financial  and  Business  Statements 

23.  Investments 

24.  Business  and  the  Government 

16 


Simple,  elastic,  workable 

The  Modern  Business  Course  and  Service 
covers  the  essential  subjects  on  which  every  busi- 
ness man  should  be  Avell  informed. 

\^Tien  an  enrolment  is  accepted,  the  Institute 
undertakes, 

1.  To  supply  the  subscriber  with  the 
Modern  Business  Text — the  most  com- 
plete and  best  organized  treatment  of 
business  principles  and  practice  that  has 
yet  been  produced. 

2.  To  guide  and  illuminate  his  read- 
ing of  the  Text  by  a  series  of  Modern 
Business  Talks. 

3.  To  bring  Mm  into  touch  with  the 
ideas  and  methods  of  some  of  the  fore- 
most business  and  professional  men  in 
the  country  through  a  series  of  Modern 
Business  Lectures. 

4.  To  give  him  facilities  for  applying 
and  testing  his  loiowledge  of  business 
principles  through  a  series  of  Modern 
Business  Problems. 

5.  To  keep  him  informed  on  current 
business  events  and  the  trend  of  future 
affairs  in  the  commercial  world  by 
means  of  Monthly  Letters  on  Business 
Conditions. 

6.  To  acquaint  him  with  important 

16 


The  twenty-four  volumes  of  Modern  Busi- 
ness Texts  are  printed  on  dull  finished  paper 
and  bound  in  Flexible  Fabrikoid.  Each  vol- 
ume is  Si/s  X  7l^  inches  in  size  and  contains 
about  350  pages.  They  are  adapted  for  con- 
stant use,  can  be  slipped  into  the  pocket  and 
carried  without  any  trouble.  The  volumes 
in  themselves  constitute  a  complete  business 
librarv. 


Cost  Records  as  Profit 
Makers 

The  business  that  does  not  watch 
its  costs  is  likely  to  have  no  profits 
to  watch. 


TALK  No.  19 

(WITH  VOLUME  10) 


ALEXANDER  HAMILTON  INSTITUTE 
NEW  YORK 


This  shows  the  cover  of  one  of  the  Talks 
in  the  Modern  Business  Series.  You  receive 
one  of  these  Talks  every  two  weeks  with 
either  a  Modern  Business  Lecture  or  a  Mod- 
ern Busixjpcs  Problem. 


BUILDING 
AN  ORGANIZATION 

By  MELVILLE  W.  MIX 


LECTURE  No.  4 


ALEXANDER  HAMILTON  IN^ITUTB 
N£W  YORK 


Prominent  business  men  write  these  Modern 
Business  Lectures,  showing  from  their  own  ex- 
perience how  the  principles  treated  in  the  Texts 
have  been  successfully  applied  by  them. 


The  solution  of  the 
24  Modern  Business 
Problems  is  optional 
with  the  subscriber. 
When  he  sends  in  his 
solution,  the  subscrib- 
er receives  in  return  a 
personal  letter  of  crit- 
icism and  suggcsticns, 
together  with  a  Model 
Solution  of  the  Prob- 
lem. 


ALEXANDER  HAJIILTON  INSTITUTE 


Model  Solutiok  to  Problem  20 
Question  1 

Any  of  the  several  activities  named  are,  when  pursued 
without  intelligence  and  knowledge,  nothing  more  than 
gambling.  The  essence  of  gambling  is  guess,  and  the  essence 
of  guess  is  risk.  Guess  and  risk  are  present  in  some  propor- 
tion in  every  pecuniary  activity.  Business  can  be  so  con- 
ducted and  is  being  progressively  so  conducted  as  to  reduce 
them  to  ft  negligible  minimum. 

Investment,  since  it  deals  chiefly  in  bonds  and  preferred 
stocks,  is  still  more  conservative  in  aiming  at  security. 

Speculation  involves  considerable  risk.  It  is  possible,  how- 
ever, to  be  80  painstaking  in  gathering  information,  so  cau- 
tious in  buying  and  so  moderate  in  profit-taking  as  to  be 
virtually  an  investor.  Comparatively  few  speculators  arc 
of  this  conservative  type.  Too  many  fail  to  fit  themselves 
to  be  true  critics  of  conditions  and  instead  give  themselves 
over  to  hoping  and  guessing.  With  them,  of  course,  the  risk 
is  high.  Manipulation  of  the  ordinary  type  involves  small 
risk  for  those  practicing  it,  though  it  is  generally  costly  for 
the  outsiders,  the  socalled  "lambs."  Manipulation,  when  at- 
tempted on  a  large  scale  has  almost  always  come  to  grief. 

Gambling,  as  before  intimated,  is  all  risk.  Its  only  bases 
are  snap  judgment  and  the  law  of  chances.  When  it  begins 
to  study  laws,  condition*,  tendencies,  it  ceases  to  be 
gambling. 


Coming  as  they  do  every  month,  these  Letters  contain  so  concise 
and  authoritative  a  summary  of  all  importatit  factors  affecting 
current  business  that  they  are  proving  of  immense  practical  value 
to  our  subscribers. 


fINANGUL  AND  TRADE  REVIEW 

AlexanJcr   Hamilton  Ia«titttt« 


Since  Dtccmber  21,  nilroad  bonds  have  ihown  mi 
average  rceorcry  of  aboat  6  points  foUowed  bj  *  w 
Mlioa  of  8  p^aU;  railroMi  stoclu  ha**  rccorcred 
Bcarly  8  pmaU  aad  Noeted  fran  8  to  4  poiDU;  tbe 
active  indnitrial  atoda  have  recowred  10  to  IS  point* 
aad  reacted  from  S  to  8  pobtfc  la  gcMral  it  nay  be 
■aid  tbat  tbe  reecat  rcacttoa  baa  ttnooated  to  only 
about  one^uarter  of  tht  recoroj  (iaet  tbe  Oeecmbir 
loir  level 


Financial  opinioa  it  leaning  to*ard  tbe  bdicf  tbat 
Ibcrc  will  be  no  fortber  dediaei  of  coaeeqacaee  until 
after  tbe.  iaaognration  and  tbat  perbap*  no  important 


level  Tbe  reaioat  for  tbia  eentiment  aic  tbat  tbe 
large  iatcmti  wbo  accumulated  stock*  quite  beaviljr 
thruout  November  and  December  liavc  no  dcure  to  idl 
out  until  the  market  ba*  rises  tea  or  fifteen  points  evca 
if  it  ia^neeessarjr  to  wait  for  a  considerable  time.  Meaa- 
wbilc  tbcy  will  support  quotation*  ratber  strongly 
against  bear  raids.  It  is  expected,  furtbermore,  that 
investors  who  were  able  to  bold  stock*  thru  tbe  slump 
in  Deocinber  will  not  be  inclined  to  part  with  tb^  at 
an  earl;  date.  Consequently,  altbo  trade  report*  are 
bud,  there  is  Ijttlc  room  for  any  heavy  slump  in  stock* 
in  view  of  the  class  of  people  who  now  own  most  of 
them.  There  are  very  few  speculative  account*  whicb 
arc  not  stron^y  protected  with  cash. 

Another  reason  for  underlying  strength  is  tbe  fact 
that  the  improvement  in  the  combined  statement  of  the 
twelve  Reserve  Banks  has  been  maintained  and  it  i* 
not  improbable  that  the  "reserve  ratio,"  which  ha*  al- 
ready recovered  to  49  per  cent,  may  rise  to  05  or  60 
|>er  cent  next  Summer.  This  barometer  of  general  con- 
ditions just  now  is  being  given  more  attention  tbaa  tbe 
Cai>jrriyil  /llnnulfr  llfmillon  /imIi(«<«,  I9tt. 


local  situation  in  New  York,  which  is  still  very  bad 
owing  to  the  fact  that  Wall  Street  has  become  more 
and  more  an  agricultural  banking  center  and  Its*  and 
let*  an  invettmeot  center  during  the  past  two  yean. 
In  WaU  Street,  loan*  on  *tock*  and  bonds  are  far  be* 
low  normal,  while  tbe  loan*  to  country  bankers  and 
merdiants  in  the  South  and  West  are  far  above  normal. 
In  view  of  this  titnatloa  it  it  ratber  surprising  that 
tbe  Comptroller  of  tb*  Currency,  in  his  recent  and  Ittt 
annual  report,  tbould  tell  tbe  country  that  the  high 
moaey  ratct  charged  by  tbe  New  York  banks  have  been 
tbe  eaote  of  financial  ttringeacy.  Tbe  truth  is  that 
the  Sooth  and  West  induced  tbe  New  York  banks  to 
go  beyond  normal  limit*  m  lending  by  bidding  higher 
aad  higher  rate*  to  get  funds.  The  high  rates  have 
beta  offered  from  the  outside  rather  than  charged  in 
New  York.  The  point  relating  to  the  market  outlook 
is  that  credit  in  New  York  is  still  ediagttcd  owing  to 
*'f  rotea"  loan*  to  the  interior. 

It  it  encouraging,  however,  tbat  Bquidatioa  ia  tb* 
Wctt  ha*  progretted  mflieiently  to  improve  the  coodi- 
tioa  of  tb*  Chicago  and  St  LooU  Federal  lt***rve 
Baakt  aad  it  b  quit*  eertam  that  the  wont  of  th* 
draia  oa  Wall  Street  from  ICnneapoIis,  Kansas  City. 
Dalla*  aad  AtlaaU  i*  over.  ConsequenUy,  even  tho 
tbe  New  York  baak*  are  *till  m  a  weak  position,  the 
teadeaey  will  b*  for  gradual  improvement  in  the  bank- 
ing ponttoa.  For  thi*  reason  the  policy  adopted  by 
iavestor*  geaerally  is  to  boU  for  the  long  pull  ia  cs- 
pccUtioa  of  better  price*  after  the  bosines*  diOcultit* 
of  tb*  first  Jiatf  of  1981  have  been  adjoated. 


Union  Pacific  and  Atchison  made  tbe  strongest 
(bowing,  relative  to  their  prices,  in  the  fourth  quarter 
of  1920.  Southern  Pacific,  Canadian  Pacific,  and 
Ddaware  and  Hudson  were  able  to  show  good  profit*. 
lOinoi*  Central  made  a  good  report. 

Among  the  roads  in  "fair  credit,"  Chesapeake  and 
Ohio  and  Colorado  and  Southern  reported  large  profit* 
and  *howed  such  a  substantial  margin  above  interest 
diargcs  tbat  they  will  deserve  a  place  among  the  road* 
having  "good  credit"  if  the  present  earnings  can  b* 
maintained^during  the  next  year  or  two. 

Among  the  roads  which  have  traditionally  belonged 
in  the  "poor  credit"  group,  Missouri  Pacific  and 
Texas  aad  Pacific  make  tbe  best  showing. 


3 


These  reviews  are  issued  monthly.  Each  review  covers  the  cur- 
rent security  market  and  analyzes  securities,  both  individually  and 
by  groups.  It  discusses  topics  of  business  legislation  and  impor- 
tant current  events  and  covers  the  production  and  prices  of  gen- 
eral commodities  in  a  way  which  enables  one  to  judge  the  trend  of 
commodity  prices. 


«-^-p^^o%?TrT:«s' 


EXCESS 


MODERN 
BUSINESS 

REPORT  LIST 


AlexancUt  Hamilton  Institute 
A»tor  PiKe  New  York  City 


REPORT  No.  7 


A--:::^^^^'" 


These  reports  cover  specific  problems 
and  are  replete  with  forms  and  illus- 
trations; they  sliow  how  a  particular 
problem  has  been  worked  out  and  are 
tlie  result  of  special  investigation. 


events  covering  the  production  and 
prices  of  general  commodities  and  the 
current  security  market. 

7.  To  supply  him  with  four  Modern 
Business  Reports  on  important  prob- 
lems ;  the  reports  to  be  selected  by  him 
from  an  extensive  list. 

8.  To  render  personal  service  through 
answ^ers  to  all  inquiries  in  connection 
with  his  reading  of  the  Course. 

An  enrolment  for  the  Modern  Business  Course 
and  Service  covers  a  period  of  two  years.  Dur- 
ing that  time  each  subscriber  is  constantly  in 
touch  with  the  members  of  the  Institute  Staff. 
There  are  no  rigid  rules — no  red  tape — to  restrict 
or  annoy ;  instead,  there  is  personal  guidance  and 
sincere  cooperation. 

The  more  carefully  you  consider  the  plan,  the 
more  clearly  you  will  see  how  well  it  is  adapted 
to  the  needs  of  busy  men  who  must  make  every 
minute  and  every  ounce  of  effort  produce  the 
greatest  possible  results. 

You  will  see  more  clearly  the  actual  scope  of 
the  Modern  Business  Course  and  Service  if  you 
keep  in  view  its  eight  main  features : 

1 — Text  5 — Monthly  Letters 

2— Talks  6 — Financial  and  Trade 

3 — Lectures  Reviews 

4 — Problems         7 — ^Reports 
8 — Service 

17 


1 — ^Text 

The  basis  of  the  Course  and  Service  is  a  series  of  twenty- 
four  text-books  prepared  under  the  careful  supervision  of 
its  editors,  assisted  by  well-known  authorities.  In  some 
cases  the  latter  appear  as  authors,  in  others  as  collaborators 
in  the  preparation  of  the  Texts. 

Dean  Joseph  French  Johnson  is  Editor-in-Chief  of  the 
Course.  The  managing  editor  is  Dr.  Roland  P.  Falkner. 
Associated  with  them  is  a  large  editorial  staff  which  takes 
an  active  share  in  the  writing  and  preparation  of  the  Course. 
The  authors  and  collaborators  are  specialists  who  rank  as 
authorities  in  their  particular  field.  The  series  is  widely 
recognized  as  the  most  important  contribution  yet  made  to 
business  literature. 

The  volumes  in  the  Modern  Business  Series  are  sold 
apart  from  the  Institute  Course  only  to  universities  for  use 
as  prescribed  text-books  in  classroom  work.  Among  the 
universities  which  have  used  the  Institute's  volumes  as 
texts  are: 


Boston  University 
Brown  University- 
Cedar  Crest  College 
Coe  College 

College  of  the  City  of  New  York 
College  of  William  and  Mary 
Colorado  College 
Columbia  University 
Cornell  University 
Dartmouth  College 
Denver  University 
Drake  University 
Duquesne  University 
Elmira  College 
Georgetown  University 
Georgia  School  of  Technology 
Grinnell  College 

'iansas  State  Agricultural  College 
Lawrence  College 
Marquette  University 
Miami  University 
Middlebury  College 
New  Hampshire  College 
New  York  University 
Northwestern  University 
Ohio  State  University 
Ohio  University 
Oregon  Agricultural  College 
Pennsylvania  State  College 
Purdue  University 
Queens  University 


18 


Rose  Polytechnic  Institute 
South  Dakota  State  College 
State  College  of  Washington 
Syracuse  University 
Toledo  University 
Trinity  College 
Tulane  University 
Vanderbilt  University 
Virginia  Polytechnic  Institute 
University  of  Alabama 
University  of  Akron 
University  of  Arizona 
University  of  British  Columbia 
University  of  California 
University  of  Chicago 
University  of  Cincinnati 
University  of  Colorado 
University  of  Illinois 
University  of  Indiana 
University  of  Iowa 
University  of  Kansas 
University  of  Michigan 
University  of  Minnesota 
University  of  Nebraska 
University  of  Oregon 
University  of  Pittsburgh 
University  of  Texas 
University  of  Washington 
University  of  Wisconsin 
Washington  and  Lee  University 
Yale  University 


There  are  about  three  hundred  and  fifty  pages  in  each  o£ 
the  twenty- four  volumes.  Each  volume  is  carefully  indexed 
and  contains,  in  addition  to  the  text,  a  few  review  sugges- 
tions after  each  chapter  which  are  of  great  value  in  mas- 
tering the  subject. 

Questions  of  Commercial  Law  as  they  affect  each  subject 
are  discussed  in  the  volume  pertaining  to  that  particular 
unit  of  the  Course. 

Business  and  the  Man  Volume  1 

By  Joseph  French  Johnson,  D.C.S.,  LL.D.,  Dean  of 
New  York  University  School  of  Commerce,  Accounts 
and  Finance ;  Chairman  of  the  Advisory  Council,  Alex- 
ander Hamilton  Institute. 

Economics — the  Science  of  Business         Volume  2 

By  Joseph  French  Johnson,  D.C.S.,  LL.D.,  in  col- 
laboration with  Frank  L.  McVey,  Ph.D.,  LL.D.,  Pres- 
ident, University  of  Kentucky. 

Business  Organization  Volumes 

By  Charles  W.  Gerstenberg,  Ph.B.,  LL.B.,  Professor 
of  Finance,  and  Head  of  the  Department  of  Finance, 
New  York  University  School  of  Commerce,  with  the 
collaboration  of  Walter  S.  Johnson,  B.A.,  B.C.L., 
Member  of  the  Bar  of  the  Province  of  Quebec,  Lec- 
turer on  Railway  and  Constitutional  Law,  McGill  Uni- 
versity, 

Plant  Management  Volume  ^ 

By  Dexter  S.  Kimball,  A.B.,  M.E.,  Dean,  Engineer- 
ing College,  Cornell  University. 

Marketing  and  Merchandising  Volume  5 

Prepared  by  the  Alexander  Hamilton  Institute  in  col- 
laboration with  Ralph  Starr  Butler,  A.B.,  Advertis- 
ing Manager  of  the  United  States  Rubber  Company, 
19 


and  John  B.  Swinney,  A.B.,  Superintendent  of  Mer- 
chandising, Winchester  Stores. 

Salesmanship  and  Sales  Management       Volume  6 

By  John  G.  Jones,  Vice-President  and  Director  of 
Sales  and  Advertising,  Alexander  Hamilton  Institute. 

Advertising  Principles  Volume  7 

By  Herbert  F.  deBower,  LL.B.,  Vice-President, 
Alexander  Hamilton  Institute. 

"^  Office  Administration  Volume  8 

By  Geoffrey  S.  Childs,  B.C.S.,  Office  Manager  of  the 
Alexander  Hamilton  Institute. 

Accounting  Principles  Volume  9 

By  Frederic  E.  Reeve,  C.P.A.,  and  Frederick  C. 
Russell,  Controller,  Alexander  Hamilton  Institute. 

Credit  and  Collections  Volume  10 

By  Dwight  E.  Beebe,  B.L.,  Director  of  Service  of  the 
Alexander  Hamilton  Institute,  and  T.  Vassar  Morton, 
Litt.B.,  Bursar,  Alexander  Hamilton  Institute. 

Business  Correspondence  Volume  11 

By  Charles  W.  Hurd,  Associate  Editor,  Alexander 
Hamilton  Institute,  in  collaboration  with  Bruce  Bar- 
ton, President,  Barton,  Durstine  &  Osborn,  Inc. 

Cost  Finding  Volume  12 

By  Dexter  S.  Kimball,  M.E.,  Dean,  Engineering  Col- 
lege, Cornell  University. 
20 


Advertising  Campaigns  Volume  IS 

By  Mac  Martin^  President  of  the  Mac  Martin  Adver- 
tising Agency. 

Corporation  Finance  Volume  14 

By  William  H.  Walker^  LL.D.^  Dean  of  Duquesne 
University  School  of  Accounts,  Finance  and  Commerce. 

Transportation  Volume  15 

By  Edwin  J.  Clapp,  Ph.D.,  formerly  Professor  of 
Economics,  New  York  University. 

Foreign  Trade  and  Shipping  Volume  16 

By  J.  Anton  deHaas,  Ph.D.,  Professor  of  Foreign 
Trade,  New  York  University. 

Banking  Volume  17 

By  Major  B.'Fostisr,  M.A.,  Assistant  to  the  Executive 
Committee,  Alexander  Hamilton  Institute,  in  collabora- 
tion with  Jesse  H.  Riddle. 

International  Eccchange  Volume  18 

Prepared  by  the  Alexander  Hamilton  Institute  in  col- 
laboration with  E.  L.  Stewart  Patterson,  Superin- 
tendent of  the  Eastern  Townships  Branches,  Canadian 
Bank  of  Commerce. 

Insurance  Volume  19 

Prepared  by  the  Alexander  Hamilton  Institute,  in  col- 
laboration with  Edward  R.  Hardy,  Ph.B.,  Lecturer  on 
Fire  Insurance,  New  York  University  School  of  Com- 
merce, Assistant  Manager,  New  York  Fire  Insurance 
Exchange;  S.  S.  Huebner,  Ph.D.,  Professor  of  Insur- 
ance, University  of  Pennsylvania;  G.  F.  Michel- 
bacher,  M.A.,  Actuary  of  the  National  Workmen's 
21 


Compensation  Service  Bureau,  and  Bruce  D.  Mudgett, 
Ph.D.,  Associate  Professor  of  Economics,  University 
of  Minnesota. 

The  Stock  and  Produce  Exchanges        Volume  20 

By  Albert  W.  At  wood,  A.B.,  Associate  in  Journalism, 
Columbia  University. 

Accounting  Practice  and  Auditing  Volume  21 

By  John  Thomas  Madden,  B.C.S.,  C.P.A.  (N.Y.), 
Professor  of  Accounting  and  Head  of  the  Department 
of  Accounting,  New  York  University  School  of  Com- 
merce. 

Financial  and  Business  Statements         Volume  22 

By  Leo  Greendlinger,  M.C.S.,  C.P.A.  (N.  Y.),  Sec- 
retary and  Treasurer,  Alexander  Hamilton  Institute; 
formerly  Assistant  Professor  of  Accounting,  New  York 
University  School  of  Commerce, 

Investments  Volume  23 

By  Edward  D.  Jones,  Ph.D.,  formerly  Professor  of 
Commerce  and  Industry,  University  of  Michigan. 

Business  and  the  Goveriiment  Volume  24. 

By  Jeremiah  W.  Jenks,  Ph.D.,  LL.D.,  Research  Pro- 
fessor of  Government  and  Public  Administration,  New 
York  University,  Member  of  Advisory  Council,  Chair- 
man of  the  Board,  Alexander  Hamilton  Institute,  in 
collaboration  with  John  Hays  Hammond,  consulting 
engineer  and  publicist. 

2— Talks 

The  Modern  Business  Talks,  which  are  sent  fortnightly, 
are  informal  discussions  of  the  principles  treated  in  the 
Text.  As  the  name  indicates,  these  Talks  bring  up  many 
specific  points  and  cases,  and  show  more  clearly  why  and 

22 


how  the  underlying  principles  of  scientific  business  should 
be  applied.  They  are  particularly  direct^  practical  and  stim- 
ulating. Their  periodic  visits  serve  to  keep  every  subscriber 
in  touch  with  the  Institute  Staff  and  alive  to  the  importance 
of  following  the  Course  systematically.  The  Talks  are  pre- 
pared by  members  of  the  Institute  Staff  or  other  authorities. 

In  the  pamphlet  which  contains  the  Talk  the  reading 
assignment  for  the  following  two  weeks  is  suggested.  On 
receiving  the  fortnightly  instalment  of  new  material,  the 
subscriber  will  ordinarily  read  the  Talk  before  taking  up 
the  reading  assignment,  and  thus  get  a  bird's-eye  view  of 
the  ground  that  is  to  be  covered  during  the  succeeding 
two  weeks. 

Some  of  the  subjects  discussed  are: 

The  Shortest  Way  to  the  Executive's  Chair 
The  Market  Value  of  Brains 
Sharing  the  Product 
Pitfalls  of  Partnership 
A  Corporate  Venture 
Putting  the  Message  Across 
The  Dominance  of  Salesmanship 
Leading  the  Sales  Force 
Credit,  the  Motive  Power  of  Business 
Cost  Records  as  Profit  Makers 
Overcoming  Corporation  Difficulties 
The  Hundred  Thousand  Dollar  Letter 
Making  Advertising  Pay 
The  Railway  a  Public  Servant 
Building  Up  Your  Bank  Credit 
Cashing  in  on  Foreign  Trade 
Safeguards  of  Insurance 
What  Do  You  Know  About  Wall  Street? 
The  Benefits  of  Speculation 
Capitalizing  the  Auditor's  Viewpoint 
Basing  Decisions  on  Facts 
Reading  Accounting  Records 
Saving  Salesmen 

Holding  the  Watch  on  Your  Investment 
Satisfying  Your  Foreign  Customer 
23 


3 — Lectures 

The  written  Modern  Business  Lectures,  which  are  sent 
to  subscribers  monthly  during  the  two-year  Course,  have 
been  especially  prepared  for  the  Institute  by  eminent  busi- 
ness executives,  publicists  and  accountants,  and  reflect  the 
experience  of  these  men  in  successfully  handling  business 
problems. 

They  are  intended,  first,  to  show  how  these  men  have 
actually  applied  the  principles  discussed  in  the  Modern 
Business  Course;  second,  to  give  further  information  as 
to  large  and  highly  developed  business  concerns  and  their 
methods;  and,  third,  to  bring  subscribers  into  closer  touch 
with  the  wide  circle  of  representative,  successful  men  of 
affairs. 

Some  of  the  subjects  of  the  Lectures  are: 

Essentials  of  a  Successful  Enterprise 

The  Value  of  Trade  Associations 

Marketing  a  Nationally  Advertised  Product 

Retail  Store  Management 

The  Creation  of  a  Selling  Organisation 

Efficient  Credit  Management 

Organizing  an  Accounting  Department 

Cost  and  Efficiency  Records 

Marketability  of  Securities 

Building  a  Mail  Order  Business 

Elements  of  Effective  Advertising 

The  Railway  as  a  Business  Developer 

Selling  in  Foreign  Markets 

How  Banks  Serve  Business 

The  Foreign  E a; change  Field 

The  Day's  Work  in  Wall  Street 

Why  Business  Needs  the  Auditor 

The  Investment  Security  Business 

4— Problems 

One  of  the  strongest  features  of  the  Course  is  the  series 
of  twenty- four  Problems — such  problems  as  accountants, 
financiers,  bankers  and  business  managers  meet  in  practice 

24 


— especially  prepared  for  the  Course  by  members  of  the 
Institute  Staff. 

Each  Problem  is  a  carefully  worded  statement  of  all  the 
essential  factors  in  some  business  situation;  in  other  words^ 
the  situation  is  presented  and  described  just  as  it  might  be 
in  the  report  of  a  subordinate  official  to  the  head  of  a  busi- 
ness enterprise.  The  Problems  are  so  arranged  as  to  cor- 
respond closely  to  the  assigned  reading.  For  instance,  after 
the  subject  of  cost  accounts  has  been  discussed,  a  Problem 
is  given  in  which  a  knowledge  of  cost  accounting  principles 
is  called  for.  Thus,  the  Problems  serve  not  merely  to  test 
the  subscriber's  understanding  and  thinking  power,  but  also 
to  fix  in  his  mind  and  make  definite  the  statements  and  prin- 
ciples contained  in  the  Text  volumes. 

When  solutions  to  the  Problems  are  sent  in,  they  are 
criticised,  graded,  and  returned  with  suggestions  for  fur- 
ther study.  Solutions  to  the  Problems  are  not,  however, 
required.    Some  of  the  titles  are: 

The  President's  Choice 

Advertising  the  Ayer-Hall  Saws 

Remodeling  the  Rowland- J ohnson  Company's  Sales 
Organization 

A  Question  of  Profits  and  Financial  Condition 

Three  Foreign  Exchange  Situations 

Scudder's  System  to  Beat  the  Market 

The  Reorganisation  of  the  Industrial  Realty  Com- 
pany 

Embarking  in  Foreign  Trade 

A  Fire  and  Its  Consequences 

5 — ^Monthly  Letter 
on  Business  Conditions 

A  business  executive  must  have  a  knowledge  of  the  funda- 
mental principles  relating  to  the  internal  organization  and 
management  of  a  business. 

He  should  also  have  a  basis  of  judging  those  external 
business  conditions  over  which  no  one  group  of  men  has 
control,  but  to  the  trend  of  which  every  line  of  business 

25 


must  be  adjusted  in  order  to  gain  the  maximum  of  profit 
and  suffer  the  minimum  of  loss. 

The  results  of  these  studies  are  presented  to  the  business 
man  in  a  clear  and  concise  manner  in  the  Monthly  Letter 
on  Business  Conditions. 

In  order  to  keep  subscribers  informed  regarding  the  state 
of  business  at  home  and  abroad,  and  as  a  basis  for  applying 
the  principles  explained  in  the  Text,  the  Monthly  Letters 
will  prove  most  helpful.  The  economic  experts  of  our  Busi- 
ness Conditions  Bureau  are  constantly  bringing  together  and 
interpreting  facts  and  figures  regarding  bank  clearings,  pig 
iron  production,  unfilled  steel  orders,  exports  and  importi?, 
railroad  earnings,  and  such  indices  of  financial  conditions 
as  the  reserves,  loans  and  deposits  of  the  Federal  Reserve 
Banks. 

The  letters  discuss  political  events  and  developments  in 
the  business  world  which  have  an  influence  upon  price 
movements  and  conditions  of  activity  or  depression.  The 
business  man  will  find  them  particularly  interesting,  as  they 
show  him  what  to  expect  in  the  future  by  pointing  out  the 
present  trend  of  affairs. 

6— Financial  and  Trade  Reviews 

The  Financial  and  Trade  Reviews  are  issued  monthly 
by  our  Bureau  of  Business  Conditions  and  are  designed  to 
cover  in  a  timely  and  interesting  fashion  the  activities  in 
the  security  market  by  analyzing  individual  and  group 
securities  and  by  presenting  statistics  on  prices  and  earn- 
ings of  standard  stocks  and  bonds. 

The  Reviews  cover  the  production  and  price  trends  o£ 
basic  commodities  and  matters  of  interest  in  foreign  fields. 
Leading  articles  deal  with  current  events  of  note  and  in- 
terest to  the  business  community. 

The  Financial  and  Trade  Review  is  a  valuable  supple- 
ment to  the  principles  brought  out  in  the  regular  reading 
schedule. 

7— Modern  Business  Reports 

The  Modern  Business  Reports  are  written  by  profes- 
sional and  trade  experts  and  members  of  the  Institute  Staff, 

26 


and  cover  both  important  business  problems  of  general  in- 
terest and  technical  subjects  relating  to  Accounting,  Sales, 
Office  Methods,  Merchandising,  Production  and  other  spe- 
cialized departments. 

From  time  to  time  a  descriptive  list  of  these  Reports  is 
sent  to  each  subscriber.  From  these  lists  the  subscriber 
may  choose  four  Reports  at  any  time  during  the  two-year 
period  of  his  enrolment. 

These  Reports  run  from  ten  to  fifty  pages  in  length. 
Each  one  is  prepared  in  reference  to  some  specific  problem 
and  is  the  result  of  special  investigation.  The  subjects 
cover  a  wide  field,  and  every  subscriber  will  find  among 
them  a  number  which  are  of  particular  interest  to  him. 

The  list  of  Reports  includes  such  titles  as : 

Preparation  for  the  Accounting  Profession 

Profit  Sharing 

Territorial  Supervision  of  Salesmen 

Advertising  American  Goods  in  Foreign  Markets 

Analysis  of  Bank  Reports 

Promotion  and  Organization  of  a  Public  Service 

Corporation 
The  Psychology  and  Strategy  of  Collecting 
Desk  Efficiency 

How  to  Read  the  Financial  Page  of  a  Newspaper 
Employes'  Pension  Systems 
Evaluation  of  Public  Utilities. 

8 — Service 

The  reading  matter  of  the  Modern  Business  Course  is  in 
itself  of  remarkable  value ;  subscribers  have  told  us  over  and 
over  again  that  one  volume,  or  sometimes  one  pamphlet,  or 
one  Report,  has  brought  them  ideas  worth  vastly  more  than 
the  fee  for  the  Course  and  Service. 

This  value  is  largely  enhanced  by  the  fact  that  back  of 
the  reading  matter  there  is  an  organization  of  men  who 
are  anxious  to  cooperate  in  every  way  possible  with  each 
subscriber.  This  organization  is  equipped  to  render  service 
at  every  stage  of  the  subscriber's  progress. 

27 


First  of  all,  certain  members  of  the  Staff  are  assigned  to 
the  pleasant  task  of  carrying  on  correspondence  with  sub- 
scribers. They  make  an  earnest  effort  whenever  a  new  en- 
rolment is  received  to  get  into  touch  with  the  subscriber  and 
learn  under  what  conditions  he  is  working,  what  experience 
and  education  he  has  had  and  what  objects  he  has  in  view. 
With  this  information  before  them  they  can  often  make  sug- 
gestions that  are  directly  helpful  and  that  mean  a  larger  in- 
crease in  the  subscriber's  personal  benefit  from  his  use  of 
the  Course  and  Service. 

Furthermore,  every  one  who  thinks  as  he  reads  comes 
across  statements  and  opinions  which  he  does  not  fully  un- 
derstand or  which  he  questions*  The  privilege  of  asking 
about  any  such  statements  or  opinions  is  freely  open  to  all 
subscribers.  There  is  no  limit  whatever  to  the  number  of 
questions  which  may  be  submitted,  based  on  the  Text  or 
other  reading  matter  of  the  Course, 

The  four  great  activities  of  business 

There  are  four  fundamental  activities  in  every 
business  —  Production,  Marketing,  Financing, 
and  Accounting. 

On  the  following  page  you  will  see  the  whole 
fi^l^f  business  charted  in  such  a  way  as  to  show 
clearly  the  relation  of  various  business  activities 
to  each  other.  Economics,  the  study  of  business 
conditions  and  business  policies,  is  the  hub  of  all 
business  activity.  Radiating  from  it  are  the  four 
grand  divisions  of  business  —  Production,  Mar- 
keting, Financing,  Accoimting.  These  in  turn 
are  subdivided  into  the  more  detailed  activities 
which  they  include. 

The  Modern  Business  Course  and  Service  is  a 
thorough  treatment  of  all  the  divisions  indicated. 

28 


COPYRIGHT    1921,  BY 
ALEXANDER   HAMILTON   INSTITUTE 


A  Survey  of  Modern  Business  Science 


All  business  activities  may  be  classified  under  Production, 
Marketings  Financing  and  Accounting.  For  purposes  of 
systematic  study,  each  of  these  may  be  subdivided  as 
shown  above. 

In  addition,  there  are  two  important  forces  which  control 
business — Man  and  Government.  For  that  reason  a  dis- 
cussion of  the  relation  between  ^'Business  and  the  Man"  and 
"Business  and  the  Government"  naturally  forms  a  part  of 
the  survey  of  modern  business.  The  first  two  and  the  last 
two  assignments  in  the  Modern  Business  Course  and  Service 
cover  these  important  subjects. 


The  arrangement  of  the  subjects  has  been  care- 
fully planned  so  that  the  maximum  benefit  will 
be  derived  by  following  the  assignments  in  their 
regular  order.  In  the  chart  you  see  the  logical 
arrangement  of  these  subjects  as  related  to  the 
business  world.  Note  that  the  order  in  which 
these  subjects  are  treated  in  the  Course  is  not 
according  to  their  arrangement  in  the  chart.  On 
the  contrary,  the  more  general  subjects  are  first 
considered;  then  come  the  more  complex — the 
specializations  and  enlargements  upon  the  foun- 
dation subjects.  This  plan  permits  a  progressive 
arrangement  that  makes  for  a  broad  understand- 
ing of  the  science  of  business. 

Just  as  any  university  or  college  requires  a 
Ivnowledge  of  cei'tain  subjects  before  others  can 
be  taken  up,  because  this  more  general  knowledge 
is  essential  to  a  proper  understanding  of  the  more 
advanced,  so  we  have  arranged  the  subjects 
treated  in  the  Modern  Business  Course  and  Ser- 
vice in  a  similar  manner. 

Texts,  Talks,  Lectures,  Problems,  Monthly 
Letters,  Financial  and  Trade  Reviews,  Reports 
and  Service — these  are  the  important  features  of 
the  Modern  Business  Course  and  Service. 


29 


Chapter  II 

THE  DANGER  OF  SPECIALIZING 
TOO  EARLY 

A  GREAT  many  young  men  think  they  have 
found  a  quick  and  easy  road  to  success  by 
concentrating  their  minds  wholly  on  the  jobs  they 
happen  to  hold. 

It  is  perfectly  true  that  a  business  man  must 
not  underestimate  the  importance  of  details. 

But  it  is  also  true  that  large  success  is  al- 
ways built  upon  a  clear  understanding  of  basic 
principles. 

The  common  fallacy  that  it  is  best  for  a  man 
— especially  a  young  man — to  confine  his  thought 
and  studies  to  his  own  specialty  has  in  many  in- 
stances proved  ruinous.  It  is  easily  possible  to 
specialize  so  much  as  to  lose  all  sense  of  the 
importance  of  a  broad,  well-balanced  business 
training. 

We  all  loiow  the  lawyer  who  is  wrapped  up  in 
his  quibbles;  the  accountant  who  sees  nothing  in 
business  but  a  maze  of  figures;  the  advertising 
man  who  is  so  fascinated  by  "cleverness"  that  he 

30 


forgets  to  try  to  sell  goods;  and  the  technical 
man  who  knows  nothing  about  the  commercial 
phases  of  his  engineering  problems. 

Such  men  cannot  take  their  places  among  the 
higher  executives  because  they  laiow  little  or 
nothing  of  business  outside  their  own  specialty, 
and  they  cannot  laiow  even  that  thoroughly  while 
their  general  outlook  remains  so  narrow* 

Only  half  ready 

Some  years  ago  two  young  men  of  unusual 
promise  graduated  from  a  prominent  School  of 
Mines  and  went  to  work  for  a  big  copper  com- 
pany as  full-fledged  mining  engineers.  They 
were  located  at  an  isolated  camp,  remote  from 
civilization,  and  were  given  every  chance  to  make 
good  the  prediction  made  for  them  at  the  time  of 
graduation. 

These  men  soon  proved  that  they  knew  a  great 
deal  about  the  mining  of  copper.  Their  advance- 
ment was  rapid,  and  within  a  comparatively  short 
time  one  of  them  was  appointed  General  Man- 
ager and  the  other  Chief  Engineer.  To  all  in- 
tents and  purposes  they  were  in  complete  charge 
of  the  company's  interests  in  that  locality. 

It  was  not  long  before  the  problems  put  up 
to  these  two  mining  experts  ceased  to  be  con- 
fined to  the  technical  end  of  the  business.    The 

31 


handling  of  a  large  number  of  men,  the  disposi- 
tion of  big  smiis  of  money,  the  necessity  of  using 
both  men  and  money  economically,  the  account- 
ing and  statistics  of  their  operations,  and  a  hun- 
dred other  problems  no  less  ''practical"  demanded 
the  exercise  of  judgment  on  their  part  and  a 
knowledge  of  business  principles  that  neither 
their  technical  training  nor  their  previous  expe- 
rience had  supplied. 

Unfortunately,  these  two — the  General  Man- 
ager and  the  Chief  Engineer — had  their  heads 
turned  by  their  rapid  advancement.  They  did 
not  recognize  the  fact  that  a  thorough  business 
training  would  have  made  them  well-nigh  fail- 
ure-proof, and  they  even  expressed  contempt  for 
scientific  study  of  such  subjects  as  accounting, 
banking,  organization,  cost  finding,  selling  and 
finance. 

In  course  of  time  the  operations  of  the  com- 
pany made  necessary  the  extension  of  its  mining 
facilities,  involving  the  erection  of  a  concentrator 
and  smelter  at  an  expenditure  of  a  little  over 
$2,000,000.  These  men  were  in  charge  of  select- 
ing and  arranging  for  the  sites  and  erection  of 
the  plants.  The  work  had  gone  forward  to  a 
considerable  extent  when  one  of  the  executive 
officers  of  the  company  from  the  East  came  to 
inspect  the  properties  and  the  progress  of  the 
new  work.    He  was  so  disappointed  at  the  lack 

32 


of  business  judgment  displayed  in  the  selection 
of  the  sites,  the  drawing  of  contracts  and  other 
matters,  that  he  dismissed  the  Chief  Engineer  on 
the  spot,  and  curtailed  the  authority  of  the  Gen- 
eral Manager. 

He  stated  that  thereafter  he  would  select  men 
who  had  some  business  as  well  as  technical 
training. 

These  men  missed  success  because  they  lacked 
certain  essential  tools  with  which  to  build  it. 
Equipped  with  an  elaborate  professional  kit  gath- 
ered through  years  of  painstaking  study,  they 
still  lacked  that  knowledge  of  business  principles 
which  was  necessary  to  enable  them  to  turn  their 
technical  knowledge  into  results. 

Every  one  who  holds,  or  expects  ever  to  hold, 
a  position  of  business  responsibility  should  be 
familiar  with  the  whole  field  of  modern  business. 
The  reasons  for  this  are  apparent  to  any  one  who 
has  to  do  with  the  handling  of  large  problems. 
It  is  necessary  always  to  take  into  account  all 
the  important  factors  in  such  problems.  No  mat- 
ter how  ably  a  marketing  or  an  accounting  diffi- 
culty may  be  met,  the  solution  is  worse  than  use- 
less if  it  affects  unfavorably  any  other  phase  of 
the  business. 

A  business  executive  cannot  afford  to  make 
many  serious  mistakes.  To  guard  against  mis- 
takes,  he  must  be   fortified  with  an  all-round 

33 


knowledge  of  business  practice — not  merely  a 
partial  or  one-sided  knowledge. 

The  principles  of  Production,  Marketing, 
Financing  and  Accounting  are  fundamental  and 
apply  to  all  lines  of  business.  The  man  who  says 
they  do  not  apply  because  his  business  is  "dif- 
ferent" is  simply  exposing  his  failure  to  get  down 
to  rock  bottom  in  his  thinking.  Every  business 
has  its  points  of  difference,  just  as  every  man 
has  an  individuality  of  his  own.  But  we  know 
that  human  nature,  broadly  speaking,  is  much 
the  same  in  all.  In  a  like  sense  all  business 
moves  along  similar  lines.  It  all  consists  of  pro- 
ducing, marketing,  financing  and  accounting. 

The  broad  principles  of  modern  business  sci- 
ence, therefore,  govern  all  business.  They  are 
related  to  your  problems,  no  matter  how  "differ- 
ent" your  business  may  appear  to  be  on  the 
surface. 


84 


Chapter  III 

PUSHING  BEYOND  THE  HALF-WAY 
MARK 

THERE  is  always  a  danger  of  half-way  suc- 
cess. A  man  may  be  at  the  head  of  an  office, 
a  department,  a  sales  force,  or  a  business,  and  yet 
be  only  a  half-way  success,  if  what  he  has  so  far 
accomplished  be  measured  against  his  actual  ca- 
pacity. Most  men,  in  fact,  possess  native  ability 
sufficient  to  carry  them  forward  into  bigger  posi- 
tions than  those  they  now  occupy.  But  to  ac- 
complish that  result  it  is  necessary  to  keep  con- 
tinually moving  ahead. 

Chief  among  the  characteristics  that  carry  men 
past  the  half-way  mark  on  the  road  to  success  is 
eagerness  to  keep  on  learning  more  about  busi- 
ness principles  and  business  methods. 

The  late  Marshall  Field  said: 

"The  man  who  puts  ten  thousand  dollars  addi- 
tional capital  into  an  established  business  is  pretty 
certain  of  increased  returns ;  and  in  the  same  way 
the  man  who  puts  additional  capital  into  his  brains 
— information,  well  directed  thought  and  study  of 
35 


possibilities — will  as  surely — yes,  more  surely — 
get  increased  returns.  There  is  no  capital  and  no 
increase  of  capital  safer  and  surer  than  that." 

The  ablest  men  in  business  are  constant  stu- 
dents. Many  of  the  foremost  business  executives 
of  the  United  States  have  for  this  reason  wel- 
comed an  opportunity  to  enrol  for  the  Modern 
Business  Course  and  Service.  This  Course  and 
Service  brings  to  them  in  convenient,  time-saving 
form,  an  explanation  of  working  principles  that 
have  proved  successful  in  every  line  of  business. 

The  kind  of  men  enrolled 

Presidents  of  big  corporations  are  often  en- 
rolled for  the  Modern  Business  Course  and  Ser- 
vice along  with  ambitious  younger  men  in  their 
employ.  Among  the  145,000  subscribers  are  such 
men  as : 

H.  S.  Kimball,  President  of  the  Remington  Arms  Corporation 
John  J.  Arnold,  President  of  the  Bankers'  Union  of  Foreign  Com- 
merce and  Finance 
E.  R.  Behrend,  President  of  the  Haramermill  Paper  Company 
H.  C.  Osborn,  President,  American  Multigraph  Sales  Company- 
Melville  W.  Mix,  President  of  the  Dodge  Manufacturing  Company 
William  H.  Ingersoll,  Marketing  Manager  of  Robt.  H.  IngersoU 

and  Brothers 
Charles  E.  Hires,  President,  Hires  Root  Beer  Company 
P.  W.  Litchfield,  Vice-President  of  the  Goodyear  Tire  and  Rubber 

Company 
Ezra  Hershey,  Treasurer,  Hershey  Chocolate  Company 
William  A.  Candler,  Secretary,  Coca-Cola  Company 
George  M.  Verity,  President,  American  Rolling  MUl  Company 
Charles  E.  Murnan,  Vice-President,  United  Drug  Company 
W.  F.  MacGlashan,  President,  The  Beaver  Board  Companies 
H.  D.  Carter,  General  Manager,  Regal  Shoe  Company 

36 


Francis  A.  Countway,  President  of  Lever  Brothers  Company 

(Manufacturers  of  Lux  and  Lifebuoy  Soap) 
E.  E.  Amick,  Vice-President,  First  National  Bank  of  Kansas  City 
Raymond    W.    Stevens,    Vice-President,    Illinois    Life    Insurance 

Company 
Roy  W.  Howard,  Chairman  of  the  Board  of  Directors,  Scripps- 

McRae  Newspapers 
Stephen  B.  Mambert,  Vice-President,  Thomas  A.  Edison  Industries 
S.  L.  Avery,  President,  United  States  Gypsum  Company 
— and  scores  of  others  equally  prominent. 

These  men,  and  thousands  of  other  Institute 
subscribers,  know  that  a  study  of  the  principles 
which  have  brought  unusual  success  to  other  men 
increases  their  own  capacity  for  further  achieve- 
ment. 

Great  business  organizations 

Officers,  department  heads  and  juniors  of  a 
large  number  of  important  companies  are  en- 
rolled for  the  Modern  Business  Course  and  Ser- 
vice. The  prime  purpose  of  the  Course  and  Ser- 
vice is  to  develop  the  business  knowledge  and 
judgment  of  each  subscriber,  and  the  heads  of 
these  companies  realize  that  the  increased  effi- 
ciency on  the  part  of  individuals  which  results 
from  this  training  carries  with  it  greater  effi- 
ciency and  profits  for  their  companies. 

The  tendency  in  large  business  organizations, 
unless  the  chief  executives  are  unusually  thought- 
ful and  far-sighted,  is  to  repress  initiative  and 
constructive  thinking  except  on  the  part  of  the 
few  men  who  direct  the  affairs.     The  Modern 

37 


Business  Course  and  Service  counteracts  this  ten- 
dency. It  encourages  thought  and  initiative.  It 
develops  men.  It  stimulates  the  whole  organiza- 
tion and  makes  possible  more  rapid  expansion 
and  larger  earnings. 

Among  the  progressive  concerns  in  which  a 
number  of  men  have  been  making  effective  use 
of  the  Modern  Business  Course  and  Service  are: 

Men  enrolled 

American  Radiator  Company 65 

American  Telephone  and  Telegraph  Company 139 

Anaconda  Copper  Mining  Company 75 

Armour  and  Company 184 

Bank  of  Montreal 84 

Barrett  Company  68 

Bethlehem  Steel  Company 200 

Burroughs  Adding  Machine  Company 199 

Canadian  Bank  of  Commerce 143 

Commonwealth  Edison  Company  of  Chicago 106 

Cutler-Hammer  Manufacturing  Company 75 

E.  I.  duPont  de  Nemours  and  Company 529 

Eastman  Kodak  Company 61 

Empire  Gas  and  Fuel  Company 144 

Equitable  Life  Assurance  Society 114 

Fairbanks-Morse  and  Company 68 

Federal  Reserve  Bank  of  Dallas 61 

Firestone  Tire  and  Rubber  Company 164 

Fisk  Rubber  Company 107 

Ford  Motor  Company 353 

General  Electric  Company 669 

General  Motors  Corporation 802 

B.  F.  Goodrich  Company 256 

Goodyear  Tire  and  Rubber  Company 439 

International  Harvester  Company 122 

Johns-Manville,  Inc 123 

Jones  and  Loughlin  Steel  Company 55 

National  Biscuit  Company 64 

National  Cash  Register  Company 207 

National  City  Bank  of  Nevi^  York 210 

Newport  Mining  Company 114 

New  York  Central  Railroad  Company 107 

New  York  Telephone  Company 138 

Otis  Elevator  Company 92 

38 


Men  enrolled 

Pacific  Commercial  Company 106 

Pacific  Telephone  and  Telegraph  Company 105 

Packard  Motor  Car  Company 153 

Pennsylvania  Railroad  Company 228 

Proctor  and  Gamble  Company 75 

Public  Service  Corporation  of  New  Jersey 68 

Remington  Typewriter  Company 96 

Sears,  Roebuck  and  Companj^ 84 

Singer  Manufacturing  Company 58 

Southern  Pacific  Railway  Company 90 

Standard  Oil  Company 954 

The  Steel  Company  of  Canada 51 

Stone  and  Webster  Engineering  Corporation 125 

Studebaker  Corporation 97 

Swift  and  Company 127 

Texas  Company 221 

Underwood  Typewriter  Company 77 

United  Fruit  Company 78 

United  Shoe  Machinery  Company 95 

United  States  Rubber  Company 265 

United  States  Steel  Corporation 771 

Western  Electric  Company 254 

Western  Union  Telegraph  Company 291 

Westinghouse  Electric  and  Manufacturing  Company.   501 

Willys-Overland  Company 191 

Winchester  Repeating  Arms  Company. 211 

F.  W.  Woolworth  Company 81 

Many  of  the  men  enrolled  in  these  great  com- 
panies are  heads  of  their  organizations;  presi- 
dents and  vice-presidents.  Most  of  them  are  im- 
portant officials  and  department  heads ;  a  few  are 
men  with  smaller  responsibilities. 

The  somid  business  reason  which  underlies  the 
favorable  action  of  so  many  great  corporations 
is  well  expressed  by  President  George  M.  Ver- 
ity, of  the  American  Rolling  Mill  Company,  who 
says : 

"When  I  learned  that  some  fifty  of  our  men  had 
^         decided  to  take  up  the  Modern  Business  Course 

39 


and  Service,  the  stock  of  this  company  rose  sev- 
eral points  in  my  estimation." 

The  following  expressions  regarding  the  value 
of  the  Course  to  men  in  big  corporations  are 
typical  of  many  that  we  have  received: 

"We  have  been  familiar  with  your  Course  of  instruction  ever 
since  it  was  first  offered,  and  regard  it  as  an  excellent  one  for  men 
engaged  in  the  investment  security  business.  A  large  number  of 
our  men  are  taking  the  Course,  and  we  have  recommended  it  to 
many  of  our  associates." 

Spencer  Thask  &  CoMPAinYy  InvestTnent  Bankers, 

New  York  City. 

"Realizing  my  lack  of  experience,  I  subscribed  to  your  Course 
and  found  it  of  incalculable  value.  It  gave  me  quickly  the  funda- 
mentals of  accounting,  of  which  I  had  known  nothing.  It  gave  me 
a  broad  elementary  insight  into  modern  marketing  methods.  The 
volume  on  credits  was  also  helpful.  The  Course  saved  me  many 
expensive  blunders. 

"Briefly,  for  one  starting  in  a  business  of  his  own  I  consider  the 
Alexander  Hamilton  Institute  Course  practically  indispensable. 
In  addition  to  its  indirect  value,  I  have  been  able  to  put  a  definite 
worth  on  this  Course,  to  myself  and  the  firm,  of  many  thousands 
of  dollars." 

J.  Roy  Allen,  Treasurer, 
Mint  Products  Company,  Inc.,  Mfrs.  of  ''Life  Savers/' 

"The  good  that  our  people  have  received  from  the  Alexander 
Hamilton  Institute  Course  has  been  phenomenal.  It  is  not  only 
the  most  instructive  and  valuable  treatise  on  live  subjects  for  men 
who  are  training  for  business  careers,  but  it  is  the  most  concise, 
instructive  and  clearly  presented  form  of  education,  to  our  minds, 
that  has  been  presented  for  the  benefit  of  executives." 

Charles  E.  Murnan,  Vice-President, 

United  Drug  Company,  Boston. 

"In  my  long  business  experience  I  have  never  subscribed  to  any- 
thing from  which  I  have  received  greater  value,  in  which  I  have 
taken  greater  interest,  and  from  which  I  have  received  greater 
inspiration  for  my  work.  I  do  not  believe  anyone  can  take  up  the 
work  without  finding  it  not  only  ef^'ective,  but  of  great  value." 

Charles  E.  Hises,  President, 
Hires  Root  Beer  Company,  Philadelphia. 

40 


"My  appreciation  of  the  Alexander  Hamilton  Institute  Coui?se 
is  based  not  only  upon  the  broad  scope  of  its  appeal  and  the  close 
co-ordination  of  the  subjects  treated,  but  also  from  the  benefit 
that  I  have  personally  derived  from  following  the  Course." 

Stephen  B.  Mambert,  Vice-President  and  Financial  Director 

Thomas  A.  Edison  Industries. 

"It  seems  to  me  that  your  Modern  Business  Course  affords  an 
opportunity  for  the  study  of  practical  business  methods  and  the 
acquisition  of  business  knowledge  which  will  be  valuable  to  any 
man  ambitious  to  succeed  in  business." 

F.  W.  Hills,  Comptroller, 
American  Smelting  and  Refining  Co.,  New  York. 

"We  had  two  building  sites  in  view.  When  it  came  to  a  final 
decision  I  applied  the  principles  which  were  laid  down  in  the 
Course;  it  became  clear  at  once  that  the  first  site — which  had  orig- 
inally seemed  so  attractive — was  actually  less  desirable  for  our 
purposes. 

"Knowing  the  fundamental  principles,  it  was  a  simple  matter  to 
analyze  the  various  requirements  of  this  business  step  by  step;  as 
a  result  of  this  analysis  we  have  a  site  even  more  suitable  than  the 
one  originally  contemplated ;  and  we  were  able  to  buy  it  not  merely 
on  more  favorable  terms,  but  at  an  actual  saving  of  more  than 
$82,000." 

George  H.  'Ror^t,  President, 
Twentieth  Century  Storage  Warehouse,  Philadelphia. 

"My  experience  with  the  Alexander  Hamilton  Institute  leaves 
me  only  with  the  regret  that  I  did  not  make  contact  with  it  at  an 
earlier  time." 

Samuel  G.  McMeen,  PrmcZcni, 
Columbus  Railway  and  Light  Company,  Columbus. 

"I  have  been  looking  for  something  of  this  kind  for  some  time 
past  and  am  more  than  pleased  that  this  should  be  brought  to  my 
attention. 

R.  C.  NoRBERG,  General  Sales  Manager, 
Willard  Storage  Battery  Company,  Cleveland. 

"The  exceedingly  interesting  manner  in  which  the  subjects  are 
treated  was  an  agreeable  surprise  to  me.  I  became  so  absorbed  in 
the  reading  that  I  am  reluctant  to  lay  it  down  when  bed-time  or 
meal-time  arrives." 

V.  J.  Faeth,  General  Manager, 
Winterroth  ^  Co,,  Piano  Merchants,  New  York  City. 

The  unqualified  indorsements  of  these  success- 
ful executives,  and  the  fact  that  a  large  number 

41 


of  men  in  almost  every  nationally  known  organ- 
ization are  enrolled,  prove  conclusively  that  there 
is  a  great  need  for  training  in  business  funda- 
mentals. Wlierever  the  wheel  of  business  turns 
— the  need  is  great.  It  is  a  matter  to  be  reck- 
oned with  by  every  man  and  concern  in  business. 


42 


Chapter  IV 
A  PERSONAL  PROBLEM 

HOW  is  it  possible  that  the  Modern  Busi- 
ness Course  and  Service  should  be  helpful 
alike  to  the  grizzled  executive  and  to  the  young 
man  who  has  not  yet  made  his  mark  in  business  ? 
Why  is  it  that  in  a  great  many  organizations  our 
list  of  subscribers  begins  with  the  president,  in- 
cludes practically  all  the  officers  and  department 
heads,  and  ends  with  a  selected  group  of  men 
who  as  yet  are  in  subordinate  positions? 

The  answer  is  simple.  The  main  problem  of 
every  business  man  is  the  problem  of  developing 
himself.  It  makes  no  difference  how  great  or 
how  small  a  man's  position  may  be,  the  only  way 
to  enlarge  his  influence  and  his  income  is  first 
to  enlarge  himself.  The  greatest  business  men 
in  the  country  are  quickest  to  accept  and  apply 
this  truth. 

It  may  sometimes  appear  as  though  a  man  be- 
comes a  bigger  business  man  by  being  promoted 

43 


into  a  bigger  job.  The  truth  is  just  the  reverse. 
The  big  job  naturally  gravitates  to  the  well- 
trained,  capable  man.  If  the  job  proves  too 
large  for  the  man,  it  doesn't  take  long  for  it  to 
shrivel  until  it  becomes  a  perfect  fit. 

On  the  other  hand,  a  man  who  really  becomes 
bigger  than  his  job  simply  grows  out  of  it  and 
into  another;  or  he  enlarges  the  job  and  its  re- 
wards to  fit  his  measure. 

Where  do  you  belong? 

You  are  a  member  of  one  or  the  other  of  these 
two  groups : 

(1)  those  who  have ''arrived'' 

(2)  those  who  are  on  their  way  toward  suc- 

cess. 

There  is,  to  be  sure,  a  third  group  which  un- 
fortunately constitutes  an  overwhelming  major- 
ity, the  group  made  up  of  purposeless  drifters 
who  have  no  special  ambitions  and  usually  little 
native  ability.  To  this  group  the  Institute  has 
nothing  to  offer. 

They  might  refuse  indignantly  to  sign  a  con- 
tract to  work  for  the  next  ten  years  at  the  same 
salary  they  are  now  receiving.  Yet  the  end  of 
the  ten-year  period  will  find  most  of  them  in  the 
same  position,  or  only  a  trifle  ahead. 

44 


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For  there  is  only  one  power  in  the  w(M*ld  that 
can  lift  a  man,  and  that  is  the  power  of  added 
knowledge  and  training. 

For  years  the  Alexander  Hamilton  Institute 
has  specialized  in  one  thing;  it  has  only  one 
Course ;  its  sole  business  is  to  take  men  who  know 
one  department  of  business,  and  by  adding  to 
their  equipment  a  knowledge  of  the  other  funda- 
mentals shown  on  the  chart  on  the  preceding 
page,  to  fit  them  for  higher  positions. 

If  you  already  have  reached  a  business  posi- 
tion of  large  responsibility,  that  surely  does  not 
mean  that  you  have  stopped  growing.  The 
boundless  opportunities  that  are  open  to  all  are 
beckoning  you  on.  No  noteworthy  business  man 
attains  his  full  development  until  he  is  well  past 
middle  age.  In  fact,  the  man  of  real  power  never 
appears  to  have  reached  his  limit.  Your  real 
achievements  are  still  ahead  of  you.  As  you  look 
over  the  pages  following,  you  will  see  that  the 
brainiest  executives  in  the  country  are  using  the 
Modern  Business  Course  and  Service  as  equip- 
ment for  still  bigger  undertakings. 

If  you  are  still  trudging  in  the  ranl^,  or  if 
you  have  advanced  only  part  way  toward  your 
goal,  you  will  be  keenly  interested  in  the  com- 
ments of  those  who  have  found  the  Modern  Busi- 
ness Course  and  Service  an  immense  help  in  has- 
tening their  progress.     These  men  are  rapidly 

46 


forging  ahead.  They  are  setting  a  faster  and 
faster  pace.  Unless  you  are  able  to  keep  up  with 
them,  you  must  drift  to  the  rear. 

Because  the  young  men  of  this  generation  are 
getting  a  better  training  than  has  been  available 
in  previous  generations,  the  standards  of  business 
ability  have  risen  and  will  continue  to  rise.  Yes- 
terday, a  man  of  limited  experience  and  training 
was  often  able  to  force  his  way  into  an  executive 
position ;  today,  it  is  much  more  difficult  to  do  so ; 
tomorrow,  it  will  be  impossible. 

The  business  leaders  of  a  few  short  years  from 
now  will  be  the  men  who  today  are  preparing 
themselves  for  the  duties  of  leadership. 

Your  gains 

You  may  ask:  ''What  can  the  Institute  do 
for  me?'' 

The  answer  to  your  question  is  outlined  in  the 
"Chart  of  the  Modern  Business  Course  and  Ser- 
vice" which  is  printed  on  page  49.  That  Chart 
shows  how  the  organized  knowledge  about  busi- 
ness principles  and  business  practice  which  has 
been  collected  and  classified  by  the  Alexander 
Hamilton  Institute  is  transmitted  to  subscribers 
through  the  eight  features  of  the  Course  and 
Service  —  Text,     Talks,    Lectures,    Problems, 

47 


Monthly  Letters,  Financial  and  Trade  Reviews, 
Reports,  and  Service. 

In  what  ways  can  a  business  man  cash  in  on 
this  knowledge?  A  great  many  direct  and  prac- 
tical benefits  that  naturally  follow  the  use  of  the 
Modern  Business  Course  and  Service  might  be 
cited.  Seven  of  the  most  important  are  shoun  in 
the  Chart  on  the  following  page. 

The  most  obvious  and  direct  benefit  consists 
in  a  Betteu  Understanding  of  Sound  Busi- 
ness Principles. 

TTie  other  benefits  shown  on  the  Chart  are: 

Ability  to  plan  effectively 

Increased  confidence  in  handling  big  deals 

Ability  to  make  quicker  and  more  accurate 
decisions 

More  leisure  for  recreation  and  construc- 
tive thought 

Increased  ability  to  handle  men 

Insurance  against  mistakes. 

The  inevitable  results  of  these  gains  in  per- 
sonal power  and  efficiency  are  Larger  Income 
AND  A  Greater  Success  in  Business. 

JsTote  on  the  following  pages  what  subscribers 

48 


Chart  of  the  Modem  Business  Course  and  Service 


ORGANIZED  BUSINESS  KNOWLEDGE 

Collected  and  classified  by 

ALEXANDER  HAMILTON  INSTITUTE  ORGANIZATION 

(Advisory  Council,  Staff  and  Special  Lecturers) 
TraQsmitted  to  Subscribers  thru 


This 

knowledge 
as^ilated  by 

The  Wide-Awake 

Business  Man 

results  in 


LARGER  INCOME  and 
GREATER  SUCCESS  IN  BUSINESS 


^    Vi  \ 

, 

\%  VV  ^ 

ii 
Is 

5" 

m 

i 

\¥ 

H 

1 

\ 

49 


for  the  Modern  Business  Course  and  Service 
have  to  say  in  that  connection. 

Better  understanding 

A  man  cannot  go  far  in  business  unless  he 
thinks.  And  he  must  not  only  think,  but  think 
straight.  His  conclusions  must  be  based  on 
sound  principles. 

Unless  a  man  is  thinking  along  right  lines,  he 
will  have  little  initiative,  and  his  judgment  will 
be  poor. 

The  necessitj^  for  every  live  business  man  to 
understand  the  principles  upon  which  modem 
business  is  based  cannot  be  overstated.  The 
Modern  Business  Course  and  Service  gives  that 
understanding.  It  illuminates  points  that  were 
obscure  and  it  answers  many  puzzling  questions. 
It  lights  up  the  road  ahead,  so  that  the  business 
man  can  see  more  clearly  the  path  that  he  should 
take. 

Mr.  Wm-  H.  Ingersoll,  Marketing  Manager 
for  the  famous  Ingersoll  watch,  says  that  the 
Modern  Business  Course  and  Service 

"gives  the  first  coherent  presentation  of  the  entire 
subject  of  business.  It  gives  one  a  perspective 
and  an  appreciation  of  essentials,  as  well  as  much 
knowledge  regarding  right  and  wrong  methods  of 
procedure/' 

As  a  fair  example  of  the  manner  in  which  the 
Modern  Business  Course  and  Service  stimulates 

50 


thought  and  leads  to  progressive  action,  even  in 
companies  that  already  were  well  organized  and 
highty  successful,  take  the  following  note  from 
Mr.  Norman  W.  Wilson,  Vice-President  of  the 
Hammermill  Paper  Company: 

"Every  moment's  time  I  have  devoted  to  it  has 
been  well  rewarded.  I  want  yon  to  know  what  a 
high  regard  I  have  for  the  work  you  are  doing  and 
to  know  that  I  make  it  a  point  to  encourage  our 
people  here  to  study  your  Course." 

Mr.  J.  H.  Hansen,  President  of  the  J.  H. 
Hansen  Cadillac  Company  of  Omaha,  empha- 
sizes the  practical  information  that  the  Modern 
Business  Course  and  Service  has  brought  to  him: 

"When  I  located  in  Nebraska  as  a  salesman  for 
the  Cadillac  automobile,  a  representative  of  the 
Institute  persuaded  me  that  I  might  just  as  well 
try  for  the  big  prizes  in  business  as  for  one  of  the 
mediocre  ones.  The  decision  to  enrol  in  the  Mod- 
ern Business  Course  and  Service  was  a  turning- 
point  in  my  life. 

"I  knew  something  about  selling  already.  But 
now  I  began  to  see  business  as  a  whole,  and  the 
relation  of  each  department  to  it.  Advertising 
and  costs;  accounting  and  office  organization;  the 
control  of  men,  and  corporation  finance — all  these 
elements,  which  are  necessary  if  a  man  is  to  suc- 
ceed in  business  for  himself,  came  to  me  with  the 
Institute's  help. 

"When  the  opportunity  arrived  I  was  ready  for 
it.  We  organized  our  company  and  the  first  year 
did  more  than  a  million  dollar  business. 

"In  my  judgment,  the  reason  why  so  many  men 
never  get  into  business  for  themselves  or  fail  after 
51 


they  do  get  in,  is  because  they  are  not  prepared 
for  their  opportunity  when  it  comes." 

Mr.  H.  C.  Smith,  President,  AUith-Prouty 
Manufacturing  Company,  Chicago,  states  why 
the  Modern  Business  Course  and  Service  is  help- 
ful without  being  revolutionary: 

"All  men  who  have  been  successful  must  be 
credited  with  having  good  business  principles. 
Your  Course  does  not  require  changing  these  prin- 
ciples, but  it  will  broaden  one's  own  ideas  and  en- 
able him  to  get  greater  results." 


Increased  confidence 

A  great  many  men  accomplish  less  than  their 
abilities  and  energy  entitle  them  to  accomplish, 
simply  because  they  do  not  feel  sure  of  them- 
selves. The  boldest  man  alive  becomes  uncertam 
and  timid  in  the  face  of  unfamiliar  difficulties. 
The  man  who  follows  the  Modern  Business 
Course  and  Service  becomes  acquainted  at  close 
range  with  business  difficulties  as  well  as  with 
tried  methods  of  overcoming  them ;  he  learns  how 
to  tackle  such  difficulties  and  goes  forward  with- 
out fear  or  misgivings. 

The  series  of  Modern  Business  Problems  which 
constitute  an  important  feature  of  the  Modern 
Business  Course  and  Service  is  especially  in- 
tended to  cultivate  familiarity  with  difficult  busi- 
ness situations  and  thereby  to  create  self-confi- 

52 


dence.  They  are  problems  of  the  kind  which 
executives  are  constantly  meeting.  The  man 
who  can  solve  them  successfully  should  have  no 
difficulty  when  he  meets  similar  problems  that 
arise  in  his  own  work. 

A  better  and  broader  grasp  of  the  principles 
and  practices  that  underlie  all  business  also  sug- 
gests ways  of  widening  the  scope  of  one's  busi- 
ness activity  and  gives  the  necessary  confidence 
to  go  ahead  and  do  it.  Mr.  John  McBride,  of 
McBride's  Theatre  Ticket  Office,  New  York, 
wrote  us  after  completing  the  Modern  Business 
Course: 

"The  average  man  can  double  his  faith  in  him- 
self in  a  few  months  if  he  will  master  the  funda- 
mentals of  business  through  your  training." 

Mr.  W.  H.  Schmelzel,  President  of  the  W.  H. 
Schmelzel  Company,  of  St.  Paul,  Minnesota, 
wrote  after  he  had  followed  the  Course : 

"It  is  my  personal  opinion  that  every  young 
business  man  of  today  depends  a  great  deal  on 
consultation  or  advice  from  a  successful  and  ex- 
perienced adviser  or  friend  on  all  matters  of  a 
business  nature. 

**In  the  early  days  of  my  business  experience 
I  was  confronted  with  the  task  of  making  de- 
cisions preparing  myself  for  the  problems  I  was 
to  solve  in  the  years  to  follow.  Having  been  born 
and  raised  in  a  small  town  in  a  Western  State^  I 
was  content  with  advice  and  consultation  of  my 
acquaintances  in  matters  pertaining  to  the 
thoughts  I  wished  to  carry  out. 
63 


"I  was,  therefore,  eager  to  obtain  assistance 
from  a  corps  of  experts  in  their  particular  line, 
and  after  giving  your  Modern  Business  Course 
considerable  scrutiny,  and  being  informed  on  the 
class  of  men,  that  I  felt  confident  of  their  suc- 
cess, and  I  realized  that  such  a  Course  had  merit, 
and  one  which  I  could  afford  to  consult,  advise 
with  and  build  my  future  with  ideas  and  methods 
you  had  so  ably  worked  out." 

Quicker  decisions 

Is  the  ability  to  decide  things  quickly  an  in- 
born faculty?  No,  it  is  largely  a  habit  of  mind 
which  anyone  may  cultivate  in  himself.  How- 
ever, we  must  bear  in  mind  that  it  is  necessary 
not  only  to  decide  quickly;  there  must  be  very 
few  mistakes.  This  requires  a  mind  that  is 
trained  to  grasp  a  situation  and  to  think  accu- 
rately as  well  as  rapidly. 

The  secret  of  quick  and  accurate  decision  is 
knowledge  of  principles.  If  a  man  knows  what 
principle  applies  in  handling  a  given  case,  he 
has  no  difficvilty  in  making  up  his  mind  and 
deciding  what  to  do.  If  the  balance  sheet  of 
a  given  concern  were  laid  before  you  and  you 
were  asked  to  decide  at  once  (assuming  that 
the  figures  were  correct)  whether  to  ship  a 
$10,000  order  of  goods  to  that  company,  pos- 
sibly you  would  not  know  what  to  say.  But  if 
you  were  familiar  with  the  definite  principles  of 
accounting  and  finance  which  would  enable  you 

54 


to  analyze  that  balance  sheet  and  make  it  yield 
a  vivid  picture  of  the  financial  condition  of  the 
concern,  you  would  not  hesitate  a  moment.  You 
would  reply  instantly. 

What  decision  meant 
to  this  man 

A  young  man,  whose  name  we  are  not  at  lib- 
erty to  give,  told  us  of  a  dramatic  incident  which 
illustrates  the  value  that  keen  business  men  at- 
tach to  preparedness  and  quick  decisions  Up  to 
about  a  year  ago  this  young  man  was  head  ac- 
countant for  his  company.  The  Board  of  Di- 
rectors had  been  in  session  about  an  hour  one 
afternoon  when  a  messenger  came  to  his  desk  and 
told  him  that  he  was  wanted  in  the  board  room. 

As  he  entered  the  room  the  president  snapped 
at  him,  '* Would  you  advise  us  to  issue  a  block 
of  collateral  trust  bonds  to  finance  a  new  ad- 
dition to  our  factory  which  will  cost  about 
$60,000?" 

*'No,"  said  the  accountant,  "the  company's 
credit  is  good  enough  for  an  issue  of  $60,000 
one  to  three-year  notes  without  security.  If 
necessary,  the  new  building  could  be  mortgaged 
after  construction,  and,  at  the  present  rate,  the 
business  could  pay  off  the  whole  loan  in  five 
years." 

A  rapid-fire  series  of  questions  followed,  cov- 

65 


ering  the  financial,  advertising  and  sales  policy 
of  the  firm,  to  each  of  which  the  accountant  gave 
concentrated  thought,  quick  decision  and  con- 
vincing reply. 

The  president's  final  question  was,  "How 
would  you  like  to  become  treasurer  of  this  com- 
pany at  $6,000  a  year?" 

In  the  letter  that  told  of  this  incident  this 
subscriber  said: 

"I  don't  know  whether  I  owe  most  to  you  or  to 
my  friend  in  the  Carnegie  Steel  Company  who 
urged  me  to  enrol  for  your  Course  and  Service. 
I  could  have  answered  few  if  any  of  the  questions 
asked  me  without  the  knowledge  I  gained  from 
it.  I  found  out  later  that  the  president  knew  all 
the  time  I  was  following  your  Course,  and  wanted 
to  prove  to  the  rest  of  the  directors  that  I  could 
intelligently  consider  and  discuss  business  prob- 
lems." 

Mr.  Charles  C.  Chase,  in  the  Advertising  De- 
partment of  Brown  Company,  of  Portland, 
Maine,  brings  out  another  method  of  securing 
help  in  deciding  questions  that  are  outside  the 
scope  of  his  previous  experience.    He  says : 

"To  the  fellows  who  have  asked  me  about  the 
Course  and  what  I  believe  it  will  do  for  them,  I 
have  said: 

"Through  a  subscription  to  the  Course  of  the 
Alexander  Hamilton  Institute  you  not  only  ally 
yourself  with  a  "Board  of  Directors'*  whose  com- 
bined business  experience  probably  amounts  to  at 
least  ^ve  hundred  successful  years — a  Board  the 
56 


members  of  which  have  had  specialized  experience 
in  every  important  phase  of  business  —  but  who 
have  been  assembled  for  the  very  definite  purpose 
of  helping  men." 

This  method  is  equally  valuable  to  the  execu- 
tive, according  to  Mr.  Lynn  P.  Talley,  Deputy 
Governor  of  the  Federal  Reserve  Bank  of 
Dallas : 

* 'Whenever  I  am  confronted  with  a  problem 
relating  to  fundamental  economic  conditions  of 
business  practice  or  business  policy,  I  find  great 
comfort  and  satisfaction  in  taking  down  the  vol- 
ume relating  to  the  subject  and  always  find  eluci- 
dation of  the  problems  that  confront  me." 

Mr.  James  P.  Robertson,  of  Smith,  Robertson 
and  Company,  Seattle,  says : 

"As  a  general  reading  Course  on  business  I  can 
truthfully  say  it  is  high  grade,  and  can  recommend 
it  to  anyone  interested  in  the  study  of  business." 

Mr.  A.  E.  Winger,  President,  American 
Lithographic  Company,  writes: 

"I  think  your  Course  is  an  excellent  one  and 
am  particularly  impressed  with  the  underlying 
thought  that  I  find  throughout  the  entire  Course — 
application  of  principles.  It  has  been  my  ex- 
perience that  sound  judgment  is  the  most  essen- 
tial requisite  of  any  executive,  and  that  the  judg- 
ment required  in  business  today  can  best  be 
formed  by  a  thorough  knowledge  of  business  prin- 
ciples." 

67 


Mr.  Saoiuel  Cochrane,  President,  Cochrane 
Chemical  Company,  Jersey  City,  sums  up  the 
argument  in  this  remark: 

"If  I  had  enrolled  with  you  a  year  or  two  ago, 
I  should  be  better  able  to  handle  the  problems 
put  up  to  me  every  day." 


More  leisure 

The  secret  of  leisure  is  not  to  do  less  work, 
but  to  organize  work  so  that  a  greater  volume 
can  be  handled  in  less  time.  No  active  man 
wishes  to  cut  down  his  productive  efforts.  A 
great  many  men,  however,  are  so  tied  to  their 
business  tasks  by  detail  and  routine  that  they 
have  little  time  or  energy  left  for  constructive 
thought.  Frequentlj^  they  do  not  get  enough 
recreation  and  physical  exercise  to  keep  them  in 
prime  condition.  As  a  result,  they  are  frittering 
away  the  best  years  of  their  life  in  handling 
small  details  that  never  bring  them  anywhere. 

To  a  greater  or  lesser  extent,  this  is  true  of 
all  of  us.  How  to  escape  from  the  time-wasting 
energy-absorbing  routine  and  details  is  a  vital 
question. 

Being  "swamped  with  too  much  detail"  is  in 
reality  a  kind  of  business  disease — and  a  very 
dangerous  one.  It  is  most  likely  to  attack  the 
officers  of  rapidly  expanding  concerns  and  en- 

68 


ergetic,  ambitious  men  who  are  constantly  tak- 
ing on  new  responsibilities.  Unless  one  can 
shake  off  this  disease,  it  will  probably  go  on 
eating  away  more  and  more  of  his  time  and 
energy  until  he  loses  his  grip  on  large  affairs 
and  to  his  chagrin,  sees  other  men  of  smaller 
ability  rising  above  him.  It  is  as  bad  for  a 
man  to  be  "too  busy"  as  for  him  to  be  not  busy 
enough. 

As  a  matter  of  fact,  it  is  unnecessary  for  any 
man  to  be  so  harassed  with  details — except  as  a 
temporary  condition — that  he  cannot  give  a 
reasonable  amount  of  time  to  recreation,  read- 
ing and  thought.  The  company  burdened  by 
the  detail-type  of  executive  is  not  getting  what 
it  pays  for.  His  natural  abilities  are  being  di- 
verted to  things  that  cheaper  men  could  do 
equally  well.  He  owes  it  to  his  company,  as 
well  as  to  himself,  to  reorganize  his  work. 

Cutting  out  the  details 

It  is  necessarily  true  in  all  such  cases  that 
many  of  the  over-busy  man's  duties  recur  day 
after  day.  They  are  of  a  semi-routine  nature 
and  could  be  made  wholly  routine  by  giving  the 
proper  instructions  to  some  one  else.  In  other 
w^ords,  this  is  a  problem  of  organization  similar 
to  that  of  organizing  a  factory,  a  store,  or  a 

59 


body  of  men.  The  principles  that  are  discussed 
in  the  Modern  Business  Course  and  Service 
apply  to  an  individual  just  as  well  as  to  a  com- 
pany. A  man  can  organize  his  desk  very  much 
on  the  same  plan  that  he  would  organize  a  fac- 
tory. When  he  does  so,  he  invariably  finds  that 
his  efficiency  is  increased,  his  work  is  more  pro- 
ductive, and  he  himself  has  more  leisure. 

Accordingly,  any  business  man  who  desires 
to  forge  ahead  should  reduce  the  details  of  his 
work  to  routine  which  can  be  carried  on  with- 
out special  thought.  The  Modern  Business 
Course  and  Service  is  a  direct  and  invaluable 
aid  to  the  man  who  feels  himself  tied  down  by 
details. 

Of  course,  we  must  consider  in  this  connection 
the  man  who  thinks  that  he  is  much  busier  than 
he  really  is.  There  are  spare  moments  in  every 
man's  day.  There  is  the  half-hour  before  or 
after  the  evening  meal ;  the  time  spent  in  travel- 
ing to  and  from  work;  the  one  or  two  evenings 
a  week  that  even  the  busiest  man  should  spend 
at  home.  The  measure  of  a  man's  chances  of 
success  may  readily  be  taken  by  learning  the 
manner  in  which  he  uses — or  wastes — his  spare 
time. 

No  better  use  can  be  made  of  these  odd 
moments  than  in  reading  the  Modern  Business 
Course.    This  reading  is  not  tiring;  it  is  recre- 

60 


ative  and  stimulating.  It  will  enable  any  man 
to  organize  his  work  so  as  to  increase  his  leisure 
for  reading  and  study.  It  will  help  him  to  rise 
to  a  higher  level  where  his  thought  and  energy 
will  be  more  productive. 

Many  of  the  big  business  executives  are  in- 
vesting their  spare  moments  in  just  this  way. 
They  realize  the  great  results  that  are  bound 
to  follow.  It  is  unquestionably  true  that  the 
use  of  one's  spare  moments  count  heavily  in  de- 
termining how  much  will  be  accomplished  a  year 
or  two  hence. 

The  following  also  give  their  opinion : 

For  a  good  many  years  as  a  practising  mining  engineer, 
I  gradually  began  to  realize  that  there  was  something 
wrong  with  engineers  in  regard  to  their  business  success. 
Something  that  seemed  to  stand  between  the  most  brilliant 
of  men  and  success  in  business.  After  a  long  study  of  men 
and  conditions,  I  subscribed  to  your  Course.  From  then 
on  I  began  to  take  greater  responsibilities  and  larger  fees 
because  of  my  added  confidence  and  business  knowledge. 
I  truly  feel  that  your  course  ferried  me  across  to  that  phase 
of  professional  grasp  where  I  became  successful  in  busi- 
ness as  a  professional  engineer." 

GLENVILLE  A.  COLLINS, 

Consulting  Engineer  of  Seattle. 

Much  the  same  thoughts  are  admirably  ex- 
pressed by  another  busy  executive,  Mr.  J.  H. 

61 


Carter,  Vice-President,  National  City  Bank  of 
New  York: 

"You  will  no  doubt  be  interested  to  know  that 
the  class  formed  under  the  auspices  of  the  City 
Bank  Club  to  follow  the  Alexander  Hamilton  In- 
stitute Course,  which  you  helped  start  about  two 
years  ago  last  Spring,  is  just  completing  its  study. 

"The  majority  of  the  original  enrolment  of 
fifty  members  have  followed  the  Course  regu- 
larly. It  has  held  the  interest  of  the  men  through- 
out and  has  proved  unusually  stimulating  and  in- 
teresting. 

"The  official  staff  of  the  bank  has  given  the 
class  its  hearty  moral  support,  and,  in  addition, 
has  offered  to  refund  a  part  of  the  fee  to  those 
completing  the  Course  successfully.  We  feel  that 
this  policy  has  not  only  encouraged  the  men,  but 
has  benefited  the  bank  as  well. 

"Personally,  I  cannot  speak  too  highly  of  the 
Course.  I  feel  that  the  time  I  have  given  to  it 
during  the  past  few  years  could  not  have  been 
employed  to  greater  advantage." 

Increased  ability  to  handle  men 

There  are  just  two  factors  that  determine  a 
man's  competence  to  direct  the  work  of  other 
men: 

1.  His   superior  knowledge   of  the  work  in 

hand. 

2.  His  abihty  to  command  respect 

As  a  matter  of  fact,  the  second  factor  is  al- 
most wholly  included  in  the  first.  The  man  who 
really  knows  what  he  is  talking  about  always 
cormnands  respect.     The  man  who  is  largely  a 

62 


"bluff,"  no  matter  how  "magnetic"  or  forceful 
his  personality,  is  soon  found  out  and  retired 
in  favor  of  the  man  of  smaller  pretensions,  but 
more  knowledge.  The  history  of  almost  any 
business  success  demonstrates  the  truth  of  this 
statement. 

Modem  business  affairs  are  so  complex  that 
it  is  wholly  out  of  the  question  to  put  an  un- 
trained man  in  command.  One  might  as  well 
talk  of  putting  an  untrained  man  in  charge  of 
a  modern  battleship.  In  both  positions  broad- 
gauge  knowledge  and  judgment  are  absolutely 
essential.  '  The  same  principle  applies  equally 
to  the  minor  commands.  The  leading  business 
men  of  the  country  are  for  the  most  part  quiet, 
self -controlled  men,  who  think  before  they  speak 
and  who  are  constantly  studying  business  prob- 
lems. This  is  the  type  of  man  best  fitted  to 
control  and  direct  the  work  of  others. 

The  man  w^ho  develops  himself,  develops  his 
ability  to  handle  men.  Through  the  Modern 
Business  Course  and  Service  the  training  can  be 
secured  that  makes  for  self-development  and  for 
success. 

T.  H.  Bailey  Whipple,  of  the  Publicity  De- 
partment of  the  Westinghouse  Electric  Com- 
pany, writes : 

**Your  Course  unquestionably  does  for  men  what 
experience  and  native  ability  alone  can  never  do.'* 
63 


Mr.  G.  E.  Lucas,  Office  Efficiency  Engineer, 
Sayles  Finishing  Plants,  saj^s  : 

**I  am  indeed  glad  that  I  took  the  opportunity 
to  enrol  for  the  Modern  Business  Course  and  Ser- 
vice. What  I  have  obtained  has  been  of  very  ma- 
terial benefit  to  me.  My  own  experience  bears  on 
the  experience  of  my  other  colleagues  who  have 
been  getting  help  and  information  from  you  in  the 
past  two  years.  All  the  reports  that  we  have  ob- 
tained have  been  thoroughly  satisfactory  and  very 
complete." 

The  experience  of  Mr.  S.  G,  MoMeen,  Presi- 
dent, Columbus  Railway  Power  and  Light 
Company,  Columbus,  Ohio,  is  equally  to  the 
point  : 

"My  experience  began  many  years  ago  in 
technical  lines  and  continued  along  them  to  en- 
gineering and  construction  practice.  As  often 
happens,  this  technical  work  led  me  into  execu- 
tive matters.  It  was  in  them  that  I  missed  some 
of  the  advantages  enjoyed  by  men  who  have  spe- 
cialized earlier  in  commercial  and  financial  work. 

'^Naturally  I  formed  a  habit  of  appropriating 
the  needed  knowledge  wherever  I  might  find  it, 
and  found  much  more  than  I  could  assimilate. 
The  long-felt  need,  therefore,  was  for  a  source  of 
classified  information  for  reference  and  study, 
a  source  of  training  by  the  use  of  intelligent 
problems  and  a  source  of  advice  to  which  I  might 
turn  when  in  doubt.  This  source  I  found  in  the 
volumes,  periodical  literature  and  service  of  the 
Alexander  Hamilton  Institute." 
64 


Larger  income  and  success 

As  the  diagram  on  page  49  indicates,  the  seven 
direct  aids  which  subscribers  obtain  from  the 
Modern  Business  Course  and  Service  are: 

1.  Better  understanding  of  business  principles 

2.  Ability  to  plan  more  effectively 

3.  Increased  confidence  in  handling  big  problems 

4.  Quicker  and  more  accurate  decisions 

5.  More  time  for  constructive  thinking 

6.  Greater  ability  to  handle  men 

7.  Knowledge  that  prevents  mistakes 

All  of  these  aids  to  personal  efficiency  are 
bound  to  result  in  increased  income  and  greater 
success.  Even  though  a  man  should  gain  only 
slightly  in  any  one  of  the  seven  qualities  named, 
he  would  become  a  far  better  business  man. 
He  would  either  advance  in  position  or  expand 
his  business — in  either  case  raising  himself  to 
a  higher  level  of  income  and  success.  The 
effect  is  ail  the  more  striking  when  a  man  in- 
creases his  efficiency  in  respect  to  all  seven  qual- 
ities. To  cite  examples  seems  almost  unneces- 
sary. Yet  a  few  typical  expressions  from 
subscribers  may  be  of  interest : 

"It  is  very  hard  to  put  into  words  just  how  much  good  I  have 
derived  from  the  Alexander  Hamilton  Institute  Course,  but  I  do 
realize  that  as  problems  present  themselves,  thej''  are  much  easier 
to  solve,  and  I  have  a  better  conception  of  the  future  outlook  of 
business  since  having  the  benefit  of  your  Course,  and  there  is 
scarcely  a  day  but  what  some  matter  comes  up  for  which  I  use 
your  Course." 

Mr.  W.  C.  ROOSE,  8e&y  and  Gen.  Mgr. 
Beacon  Shoe  Company,  Manchester,  New  Hampshire 

65 


"During  the  past  two  years  my  salary  has  increased  more  than 
400%.  This  has  been  due  to  the  rather  remarkable  increase  the 
Fuller  Brush  Company  has  had  in  sales.  These  sales  are  indi- 
rectly the  result  of  the  ideas  I  have  received  from  your  Course.** 

S.   L.  METCALF, 
J    Former  Vice-President  and  Director  of  Sales,  Fuller  Brushes, 
Jnc,    Now  President,  Better  Brushes,  Inc.,  Palmer,  Mass. 

"To  the  man  who  has  had  the  advantage  of  a  college  education 
this  Course  opens  up  what  might  be  called  a  vista  of  the  business 
world  in  a  very  unique  manner.  The  information  obtained  from 
this  course,  if  acquired  by  the  ordinary  college  man  by  actual 
experience,  would  require  no  less  than  a  lifetime  and  it  is  pre- 
sented in  such  a  manner  as  to  be  readily  assimilated  in  the  short 
space  of  two  years,  devoting  only  odd  hours  to  study." 

Mr.   E.   J.   BARTELLS,  Manager 
Wood  Pipe  Export  Company,  Seattle,  Washington 

A  subscriber  from  a  prosperous  city  in  Iowa 
recently  called  at  the  New  York  offices  of  the 
Alexander  Hamilton  Institute,  saying  that  he 
wanted  to  meet  some  of  the  men  who  had 
given  him  such  valuable  assistance.  He  is  the 
controller  of  a  large  manufacturing  company 
and  a  thoroughly  trained  and  expert  account- 
ant. The  thing  that  impressed  him  most  about 
the  plan  of  the  Modern  Business  Course  and 
Service  was  the  opportunity  it  offered  him  of 
increasing  his  already  extensive  knowledge  of 
the  principles  of  finance,  management,  adver- 
tising, selling  and  organization,  as  well  as  ac- 
counting. 

"Let  me  tell  you  what  happened  to  me  a 
few  weeks  ago,"  he  said.  "I  found  myself  up 
against  a  problem  that  never  had  arisen  in  my 

66 


previous  experience.  I  was  simply  stumped. 
I  sought  help  from  various  sources  in  attempt- 
ing to  find  a  satisfactory  solution.  Then  it 
occurred  to  me — the  most  obvious  things  often 
come  to  mind  last^ — to  look  in  the  Modern  Busi- 
ness texts  for  a  ray  of  light.  To  my  great  de- 
light, there  I  found  a  clear  and  definite  state- 
ment of  the  very  principles  that  should  be 
applied.  i 

***!  am  frank  to  say  to  you/'  he  concluded, 
*'that  this  one  bit  of  information  was  worth  to 
me  at  least  three  times  the  price  of  your  Course." 
Already  this  subscriber  had  realized  a  300  per 
cent  dividend  on  his  investment.  Of  his  sub- 
sequent gains  we  have  no  record.  To  the  great 
majority  of  those  who  subscribe  for  the  Course 
and  Service  the  returns  are  simply  incalculable. 
The  training,  the  information  and  the  ideas  that 
they  secure  are  a  big — often  an  essential — fac- 
tor in  making  their  business  careers  happier  and 
more  successful.  Who  can  calculate  the  money 
value  of  a  return  of  that  kind? 

The  moderate  fee  which  is  charged  for  the 
Modern  Business  Course  and  Service  is  based 
directly  upon  the  cost  of  producing  the  litera- 
ture included  in  the  Course  and  of  maintaining 
the  organization  that  conducts  the  Course  and 
Service.  The  fee  is  small  in  itscK;  it  shrinks 
into  insignificance  when  compared  with  the  re- 

67 


turns.    One  of  our  subscribers  was  speaking  only 
the  literal  truth  when  he  said : 

"To  the  man  of  ability  and  brains^  your  Course 
and  Service  offers  a  priceless  means  of  develop- 
ing these  qualities  to  their  highest  efficiency/' 

For  the  woman  in  business 

The  Modern  Business  Course  and  Service 
makes  the  same  appeal  to  the  business  woman 
as  it  does  to  the  business  man.  Consequently 
a  number  of  women  are  enrolled  for  it.  Among 
these  women  are : 

Mrs.  E.  M.  Simon,  President,  R.  &  H.  Simon  Company,  Union 

Hill,  New  Jersey 
Miss  Sara  F.  Jones,  Mgr.  Woman's  Dept.,  Equitable  Life  Assur- 
ance Society,  Chicago,  Illinois 
Mrs.  M.  K.  Alexander,  Solicitor,  Equitable  Life  Assurance  Society, 

Chicago,  Illinois 
Miss  Mary  R.  Cass,  Manager,  F.  N.  Burt  Company,  Buffalo,  New 

York 
Miss   Louise   Messner,   Accountant,   Petermann   Stores  Company, 

Kearsarge,  Michigan 
Miss  S.  F.  Troutman,  Secretary  and  Assistant  to  Treasurer,  First 

Presbyterian  Church,  Pittsburgh,  Pennsylvania 
Mrs.   N.   M.   Favor,   Assistant  Cashier,  The  Travelers  Insurance 

Company,  Manchester,  New  Hampshire 

Today  women  are  engaged  in  all  branches  of 
business.  A  great  number  of  women  occupy  ex- 
ecutive and  other  important  positions  in  some 
of  the  large  concerns  of  the  country,  and  the 
number  is  steadily  increasing.  For  the  ambi- 
tious woman  a  career  in  business,  with  its  great 
rewards  and  the  possibilities  of  rendering  worthy 
service,  holds  forth  attractive  opportunities. 

68 


Chapter  V 
THE  QUESTION  BEFORE  YOU 

A  SERIOUS  business  question  is  now  con- 
fronting you.  It  is  important  that  you 
should  consider  it  fairly  and  calmly  and  that 
you  should  promptly  make  up  your  mind  for  or 
against  it.    The  facts  are  all  before  you. 

The  question  is  whether  or  not  you  should 
enrol  for  the  Modern  Business  Course  and  Serv- 
ice.   Think  over  the  arguments  pro  and  con. 

You  know  that  the  Course  and  Service  will 
bring  you  a  better  understanding  of  sound  busi- 
ness principles;  that  it  will  give  you  increased 
self-confidence;  ability  to  plan  more  effectively 
and  to  decide  business  questions  more  quickly 
and  surely.  You  will  find  yourself  with  in- 
creased ability  to  handle  men.  You  will  prob- 
ably enjoy  more  leisure;  you  will  certainly  earn 
a  larger  income. 

You  are  well  enough  acquainted  with  the 
standing  and  reputation  of  the  men  behind  the 
Alexander  Hamilton  Institute  to  know  that 
the  Modern  Business  Course  and  Service  must 

69 


be  of  the  highest  quality.  And  for  the  same 
reason  you  know  that  it  naturally  is  offered  to 
you  at  a  very  moderate  fee. 

The  fee  for  the  Modern  Business  Course  and 
Service  is  $136  in  the  United  States.  This 
covers,  without  any  additional  expense,  the 
Texts,  Talks,  Lectures,  Problems  Monthly  Let- 
ters, Financial  and  Trade  Reviews,  Reports  and 
all  necessary  personal  help.  The  complete  set  of 
24  Text  volumes  comes  at  once,  and  the  other 
literature  at  convenient  intervals. 

If  the  Course  is  worth  anything  at  all,  the  fee 
is  slight  in  comparison  with  the  results  that  will 
follow.  The  fee  may  be  paid  in  convenient 
terms. 

Make  your  decision 

Certain  objections  may  occur  to  you: 

.  .You  have  other  uses  for  your  money — 

No  doubt;  yet  none  of  them  is  as  necessary 
to  your  successful  business  career  as  the  Modern 
Business  Course  and  Service. 

You  are  too  busy — 

Everybody  who  amounts  to  anything  is  busy ; 
yet  never  "too  busy"  to  acquire  knowledge  so 
important  as  this. 

70 


You  have  a  debt  to  pay  o^,  or  a  trip  to  take, 
or  you  would  rather  "think  it  over — '' 

These  arguments  are  unsound  from  every 
point  of  view.  No  man,  in  justice  to  himself, 
or  to  those  who  may  be  dependent  upon  him, 
should  deny  himself  this  opportunity  to  make 
an  investment  that  will  yield  large  dividends  one, 
two  and  three  years  from  today. 

In  the  coming  struggle  for  world  markets, 
there  will  be  a  great  need  for  men  of  broad, 
executive  training.  For  men  who  are  prepared, 
there  will  be  more  opportunities  to  succeed  ia 
a  big  way  than  ever  before. 

It  is  false  economy,  therefore,  to  postpone 
for  a  single  day  a  decision  that  will  enable  you 
to  push  beyond  the  half-way  mark  and  forge 
ahead  in  business. 

You  are  a  business  man,  trained  to  make  de- 
cisions. The  simple  facts  are  before  you  now. 
Weigh  the  arguments ;  then  act. 


71 


Chapter  VI 

DESCRIPTIVE  OUTLINE  OF  THE 
COURSE 

IN  looking  over  the  following  detailed  outline 
of  the  Modern  Business  Course,  you  will  see 
more  clearly  how  closely  every  section  is  related 
to  daily  business  practice. 

The  italics  after  each  title  give  the  actual  chap- 
ter headings;  the  following  matter  gives  a  brief 
discussion  of  the  purpose  and  scope  of  each  sec- 
tion of  the  Course. 


72 


Business  and  the  Man 


%ciency 


Personal  e^ 

Health 

The  efficient  business  man 

The  executive 

Subordinate  or  junior  officers 

The  rank-and-file  worker 

Personality 

Character  Analysis 

Opportunity 


"Scientific   Training   for  Bvm- 

ness,"    an    introduction    to 

the  Modem  Business  Course 

and  Service 
Nature  and  aim  of  business 
The  profit  problem 
Economics  and  sociology 
Psychology 
Ethics  of  business 
Vision,  or  the  idea 

The  most  important  thing  in  business  is  the  human  ele- 
ment— you.  Every  man  must  have  real  ambition,  high 
ideals,  and  a  definite  goal  in  mind  before  even  a  correct 
knowledge  of  business  principles  will  help  him  to  more 
than  a  half-way  success. 

The  purpose  of  this  first  section  of  the  Course  is  to  dis- 
cuss the  viewpoint  of  the  successful  business  man  in  an 
inspiring  way,  so  that  you  may  be  inspired  yourself  and  so 
that  you  may  be  able  to  inspire  others  about  you. 

"Scientific  training  for  business"  is  an  introduction  to 
the  whole  Modern  Business  Course  and  Service.  In  it  Dean 
Johnson  tells  you  in  what  way  you  should  read  the  Course, 
how  to  get  the  most  out  of  it,  and  how  to  use  the  equipment 
so  as  to  bring  results. 

The  Course  begins  with  an  analysis  of  business  opera- 
tions. It  shows  briefly  what  are  the  dominant  features  of 
business  life  which  no  man  can  afford  to  neglect.  It  then 
takes  up  the  relation  of  personal  qualities  to  business  suc- 
cess; it  shows  what  personal  characteristics  are  helpful 
and  how  they  may  be  cultivated;  and  it  also  points  out  the 
traits  of  mind,  manners  and  morals  which  hinder  men  in 
their  business  career.  The  first  point  in  understanding 
business  problems  and  business  principles  is  to  approach 
them  with  the  right  attitude  of  mind. 

This  section  of  the  Course  serves  to  bring  the  reader 
into  personal  touch  with  the  business  problems  which  will 
engage  his  attention  more  in  detail  in  the  subsequent  sec- 
tions and  thus  furnishes  a  useful  introduction  to  the  en- 
tire Course. 

73 


Economics — the  Science  of  Business 


Money 

Credit 

Money y  credit  and  prices 

Foreign  trade 

Rent 

Interest 

Wages 

Profits 


Purpose  and  scope  of  economics 
Fundamental  concepts 
Land  and  capital 
Labor  and  enterprise 
Three  fwndamental  laws 
Consumption  of  wealth 
Value  and  the  consumer 
Value  and  the  producer 
Value  and  the  trader 

Economics  is  the  foundation  stone  upon  which  the  sci- 
ence of  business  is  built.  It  underlies  all  business  just  as 
mathematics  underlies  all  branches  of  engineering.  It  is 
the  basic  subject  of  the  Course,  and  its  general  principles 
should  be  thoroughly  understood  before  taking  up  the  sub- 
jects treated  later. 

The  book  is  written  for  the  general  reader,  who  has  little 
or  no  knowledge  of  economic  theory.  It  gives  a  clear  idea 
of  the  business  problems  and  forces  with  which  business 
men  deal  and  enables  the  reader  to  form  intelligent  judg- 
ments of  his  own. 

This  section  of  the  Modern  Business  Course  makes  clear 
the  laws  governing  the  prices  of  goods,  the  wages  of  em- 
ployes, the  profits  of  employers,  the  processes  of  exchange, 
the  functions  of  money  and  credit,  and  the  rent  of  build- 
ings and  land.  It  takes  up  in  comprehensive  manner  the 
problems  raised  by  trade  unions,  by  trusts,  by  govern- 
mental taxation  and  by  the  growing  tendency  toward  gov- 
ernmental regulation  of  business. 

An  understanding  of  all  these  live,  interesting  business 
problems  is  an  essential  part  of  the  mental  equipment  of 
a  broad-gauged  business  man,  working  imder  present-day 
conditions. 


74 


Business  Organization 

Purposes  and  forms  of  business 

organizations 
Sole  proprietorship 
General  partnerships 
Limited  partnerships 
Syndicates 
Business  trusts 

Corporations  as  business  units 
General  aspects  of  corporations 
Incorporation  of  companies 


Dissolution  of  corporations 

Stock  and  dividends 

Stockholders 

Meetings  of  stockholders 

Directors  and  officers 

Intercorporate    relations 

Consolidations  J  sales  and  leases 

of  assets 
Holding  companies 
Illegal  combinations 


If  you  are  in  business  for  yourself,  or  in  some  way  be- 
come interested  in  a  growing  business^  there  is  nothing 
that  is  of  greater  interest  than  your  rights  and  the  rights 
of  other  men  who  are  in  the  concern. 

The  application  of  the  correct  principles  of  production^ 
marketings  financing  and  accounting  are  necessary  to  in- 
sure success,  as  they  determine  the  profits  of  the  business 
as  a  whole.  Every  man  goes  into  business  to  secure  more 
income  for  himself,  and  the  amount  of  his  own  income  will 
depend,  not  only  on  the  amount  of  the  profits  of  the  whole 
business,  but  on  his  own  proportionate  share  of  these 
profits.  The  division  of  the  profits  into  shares  depend 
almost  entirely  on  the  form  of  organization. 

Moreover,  when  men  enter  business  they  hazard  not  only 
their  time  and  a  definite  amount  of  wealth  in  the  enterprise, 
but  perhaps  other  wealth  that  was  intended  to  be  kept 
separate.  Indeed,  embarking  on  a  business  venture  may 
be  but  the  beginning  of  the  loss  of  the  income  of  future 
years  when  all  chance  of  profits  has  ceased  and  the  business 
represents  nothing  but  a  lot  of  debts  that  remain  to  be 
liquidated. 

Risk  is  an  important  element  that  is  varied  by  the  form 
of  organization  selected.  This  section  traces  briefly  the 
rise  of  the  corporation  through  the  individual  enterprise, 
the  partnership  and  the  joint  stock  company,  and  states  the 
advantages  and  disadvantages  of  each  of  these  forms  of 
conducting  business,  as  well  as  those  of  the  corporation. 
This  section  of  the  Course  constitutes  the  first  step  in  tlie 
study  of  corporate  finance. 

75 


Plant  Management 


The  basis  of  modern  industry 

Fundamental  industrial  'princi- 
ples 

Characteristics  of  modern  in- 
dustry 

Methods  of  organization  and 
a  dministra  tion 

Coordinative  influences 

Purchasing 

Storing  material 

Planning  and  production  de- 
partments 

Insuring  results  —  securing  in- 
dustrial data 

Standards 


The  control  of  quality — inspec- 
tion 
Rewarding   labor — older  meth- 
ods 
Rewarding  labor — new  ^methods 
Comparison  of  wage  systems — 

profit  sharing 
Statistical  records  and  reports 
Location  of  industrial  plants 
Arrangement  of  industrial 


Practical  limitations  in  apply- 
ing  industrial   principles 
Problems  of  employment 
Employes'  service 
Science  and  management 


Modern  management  of  industrial  plants  is  characterized 
by  planning  and  system.  Old  processes  and  old  methods 
no  longer  command  respect  because  they  are  old.  They 
have  been  subjected  to  searching  analysis  in  the  hope  of 
finding  better  ways  of  doing  things.  We  look  today  not 
for  the  history,  but  for  the  reasons  of  every  phase  of  plant 
management. 

This  is  our  aspect  of  the  general  industrial  changes 
which  have  transformed  modern  industry  and  made  it  a 
high-powered  productive  instrument.  It  is  not  an  isolated 
thing,  but  just  as  significant  a  part  of  modern  business 
methods  as  are  improved  transportation,  increased  credit 
and  present-day  banking. 

In  this  part  of  the  Course,  the  relation  of  plant  manage- 
ment to  the  characteristic  development  of  modern  life  ii 
&st  traced,  and  then  the  changes  displayed  which  scientific 
methods  have  made  in  the  conduct  of  manufacturing  pro- 
cesses. These  affect  the  structural  organization  of  business, 
the  relations  of  the  directing  and  managing  organs  to  one 
another.  They  also  affect  the  operations  of  these  man- 
aging units,  the  purchase  and  storage  of  materials,  the 
routing  and  sequence  of  work,  the  best  utilization  of  ma- 
chinery and  the  like. 

The  keynote  of  the  volume  is  efficiency  in  productive 
effort  and  the  principles  which  underlie  it. 

76 


Merchandising 

Reaching   the   market   and   the 

complete  campaign 
Merchandising:   The  jobber 
Modification     of     the     jobber's 

service 
Problems  of  the  jobber 
Retail  competition 
Retail  types 
Chain  stores 
Mail-order  selling 
Training  the  sales  force 
Buying 
Stockkeeping 
Cooperation  for  service 


Marketing  and 

Marketing :  Modern  distribu- 
tion 

The  field  of  marketing 

Study  of  the  product 

Study  of  the  market 

Trade  channels 

Selling  to  the  jobber 

Wholesale  middlemen 

Selling  to  the  retailer 

Selling  through  exclusive 
agencies 

Influencing   retail  sales 

Selling  to  the  consumer 

Good-will  and  price  mainte^ 
nance 

There  are  three  different  kinds  of  things  that  must  be 
considered  by  everyone  who  has  anything  to  sell.  One 
group  of  considerations  has  to  do  only  with  personal  sales- 
manship and  sales  management.  Another  has  to  do  only 
with  advertising.  Still  a  third  is  concerned  solely  neither 
with  personal  salesmanship  nor  with  advertising,  but  is 
common  to  both.  Before  an  effective  force  of  salesmen 
can  be  selected  and  trained  and  an  advertising  campaign 
mapped  out,  the  plan  behind  the  personal  selling  and  ad- 
vertising campaign  must  be  devised — the  marketing  meth- 
ods must  be  determined. 

The  considerations  here  may  be  grouped  under  three 
heads:  the  goods  to  be  sold,  the  market  for  the  goods,  and 
the  methods  of  reaching  that  market. 

A  number  of  questions  must  be  asked  and  answered  about 
the  things  to  be  sold.  For  example:  Is  there  a  ready  de- 
mand or  must  one  be  created?  Is  the  commodity  a  neces- 
sity or  a  luxury?  Is  it  subject  to  seasonal  variations?  Is 
the  trade-mark  well  known?     And  so  on. 

The  first  part  of  the  Text,  Marketing,  concerns  the  prob- 
lems of  the  manufacturer;  the  second  part,  Merchandising, 
treats  of  the  problems  of  the  dealer,  both  wholesaler  and 
retailer.  Between  them  they  present  a  complete  picture  of 
the  processes  by  which  goods  reach  the  consumer^  and 
reveal  the  tendencies  in  modern  distribution. 

77 


Salesmanship  and  Sales  Management 


Sales  management:  The  sales 
manager — his  qualifications 
and  duties 

Building  an  organization — se- 
lecting men 

Building  an  organization  — 
training  salesmen 

Selling  methods  and  the  selling 
equipment 

Com,pensation  and  territory 

Sales  records 

Cooperation  with  salesmen 

Sales  contests 

Sales  conventions 


Salesmanship:  The  power  of 
personal  salesmanship 

Staples,  branded  staples  and 
specialties 

Selling  process — preliminary  to 
the  interview 

Selling  process — the  interview 

Selling  process — the  agreement 

Selling  process — miscellaneous 

Human  appeals   that   sell 

Development  of  character  and 
caliber 

The  salesman's  duties  and  re- 
sponsibilities 

Cooperation,  influence  and 
friendship 

There  is  no  subject  which  is  more  universally  interesting 
to  everyone  in  business  than  selling. 

Salesmanship  in  its  broadest  sense  is  essentially  the 
selling  of  one's  point  of  view,  the  ability  to  start  with  the 
other  fellow's  point  of  view  and  lead  his  mind  to  accept 
yours.  When  an  individual  endeavors  to  influence  another, 
he  is  practising  salesmanship.  In  this  broad  sense,  every- 
one will  profit  by  a  knowledge  of  the  principles  of  sales- 
manship and  selling  methods. 

In  this  portion  of  the  Modern  Business  Course,  the  sales- 
man is  shown  the  necessity  of  learning  something  of  his 
prospect  previous  to  the  interview.  Suggestions  are  also 
made  for  getting  to  see  the  buyer.  The  developments  in 
a  sale  are  discussed  in  such  a  way  as  to  enable  the  sales- 
man to  build  an  effective,  man-to-man  transaction,  and  the 
human  appeals  that  sell  are  outlined. 

After  discussing  the  qualifications  and  duties  of  the  sales 
manager,  methods  to  be  employed  in  the  selecting,  training 
and  handling  of  men  are  detailed.  The  training  of  retail 
sales  people  is  discussed.  The  planning  of  the  salesman's 
equipment,  the  building  of  a  sales  manual,  the  apportion- 
ment of  territory  are  gone  into.  Methods  of  keeping  sales 
records  and  statistics  are  outlined;  directions  given  for 
the  handling  of  sales  contests  and  conventions,  the  editing 
of  a  house  organ,  and  the  apportioning  of  quotas. 


Advertising  Principles 


-  a       constructive 
force  in  business 
Fundamentals  of  advertising 
Getting  the  advertisement  seen 
Getting  the  advertisement  read 
Making  the  advertisement  un- 
derstood 
Making  the  advertisement  pro- 
duce action 
Human  appeals  in  advertising 
Word  values  in  advertising 
'^Getting  the  order"  copy 


^'Getting  the  inquiry*'  copy 
^'Directing  the  reader"  copy 
'' Molding  public  opinion"  copy 
Preparing   the  advertisement 
Layout  of  advertisements 
Booklets,   catalogs  and  folders 
Dramings  and  reproductions 
Printing  art  in  advertising 
Trade-marks,  slogans  and  catch 

phrases 
Legal  limits  and  restrictions  on 

advertising 


Considering  the  large  number  of  progressive  concerns  [ 
entering  the  field  of  advertising  each  year^  and  profiting 
thereby^  the  average  business  man's  lack  of  knowledge  con- 
cerning advertising  principles  is  lamentable. 

Few  have  any  ability  either  to  write  or  to  judge  copy, 
and  almost  all  are  at  a  loss  to  deal  intelligently  with  the 
printer. 

This  section  of  the  Course  discusses  the  various  classes 
of  copy  divided  according  to  the  results  each  is  designed 
to  accomplish.  The  value  of  word  tone  in  writing  and  how 
to  secure  it  are  indicated.  Instructions  for  preparing  and 
laying  out  the  advertisement  are  given. 

The  technique  of  the  printing  art — type  faces,  paper, 
printing  processes,  half-tones  and  line-cut  illustrations — 
is  discussed. 

The  advertising  slogan,  the  package  design  and  the  vari- 
ous considerations  in  connection  with  the  trade-mark  are 
treated. 

The  business  man  is  prepared  to  correlate  the  principles 
of  advertising  with  those  of  marketing  methods,  and  to 
bring  an  understanding  of  both  to  his  study  of  advertising 
problems  of  wholesale  and  retail  merchandising. 


79 


Office  Administration 


The  office  in  modem  business 
Location,   'planning  and  layout 

of  the  office 
Office   equipment  and   supplies 
Office  appliances 
Selection  of  employes 
Employment  tests  and  records 
Training 

Stimulation  of  employes 
Filing 


Interdepartmental    cammunica- 

tions 
Office  manuals 
The  worker's  compensation 
Welfare 

Office  organization 
Planning 
Office  control 

Work  reports  and  their  use 
The  art  of  management 


It  is  only  in  recent  years  that  individual  business  enter- 
prises outside  of  the  manufacturing  field  have  grown  to 
such  importance  as  to  bring  a  large  number  of  employes 
under  one  management.  Today  the  problems  of  the  office 
are  no  less  urgent  than  those  of  the  shop. 

Office  administration  is  in  some  respects  like,  in  other  re- 
spects unlike,  plant  management.  It  is  alike  in  that  it 
pursues  the  same  ideals  of  efficiency.  It  is  unlike  in  that 
machines  and  equipment  fall  into  the  background  and  the 
human  element  looms  large  in  the  foreground  of  ofiSice 
work. 

Methods  of  conducting  clerical  work  have,  since  the  ad- 
vent of  the  various  office  machines,  of  which  the  typewriter 
was  the  pioneer,  undergone  rapid  transformation.  Under- 
lying these  changes  there  have  been  principles,  more  or 
less  clearly  recognized,  which  it  is  the  aim  of  the  Text  to 
discover  and  present  in  an  orderly  and  systematic  fashion. 

In  few  departments  of  office  work  have  standardized 
processes  based  upon  scientific  principles  made  such  head- 
way as  in  the  employment  field.  Hiring  employes  for  office 
work,  training  them  for  their  duties,  stimulating  them  to 
their  best  effort,  adjusting  wages  to  work  performed,  and 
providing  for  deserved  promotions,  are  no  longer  casual 
occupations  of  some  general  offices,  but  the  work  and  special 
concern  of  the  trained  office  manager. 

Here,  as  elsewhere,  concentration  and  specialization  are 
beginning  to  reveal  the  principles  underlying  successful 
effort.  Such  principles  concern  not  only  the  operations,  but 
the  organization  of  the  office  and  its  various  parts. 

80 


Accounting  Principles 


Development  and  scope  of  ac- 
countancy 

Accounts  and  their  purpose 

Classification  of  accounts 

Double  entry  bookkeeping 

Books  of  account 

Applying  accounting  principles 
— the  original  entries 

Applying  accounting  principles 
— the  ledger  records 

Applying  accounting  principles 
— summarizing  results 

Columnar  books 


I ,  Opening,  operating  and  closing 
the  books 

The  trial  balance 

Economic  summary 

The  balance  sheet 

Single  entry  bookkeeping 

Continental  system  of  book- 
keeping 

Depreciation 

Methods  of  cornputing  depre- 
ciation 

Labor-saxiing  devices 

Internal  checks 


As  business  becomes  more  complex  we  are  more  and 
more  dependent  upon  accounting  methods  ito  show  us  the 
trend  of  the  individual  business  in  which  we  are  interested. 

Hence  a  knowledge  of  accounting  principles  is  indispen- 
sable. Yet,  even  among  experienced  bookkeepers,  compara- 
tively few  have  a  clear  understanding  of  the  principles 
which  underlie  all  correct  methods  of  keeping  financial 
records. 

This  section  of  the  Course,  therefore,  starts  with  a  clear 
explanation  of  the  fundamental  principles  of  bookkeeping, 
and  progresses  step  by  step  until  it  reaches  the  most  com- 
plicated cases  of  partnership  and  corporation  accounting. 

Within  recent  years  the  great  importance  of  proper  ac- 
counting methods  in  the  conduct  of  business  has  come  to 
be  fully  recognized. 

This  section  of  the  Course  should  enable  any  executive 
or  accountant  to  determine  what  accounting  methods  are 
best  adapted  to  his  own  line  of  business. 


81 


Credit  and  Collections 

Mercantile  credit  KOredit  management 

Book  credit  ^^'^hiyuecYing  the  money  due 


Documentary  credit 

Granting  credit — personal  con- 
siderations 

Granting  credit — business  con- 
siderations 

Sources  of  credit  information 

Cooperative  methods  in  credit 
investigation 

Analysis  of  credit  information 

The  credit  man 


The  collection  manager  and  his^ 

work 
Principles  underlying  collection 

effort 
Collecting  on  a  friendly  basis 
Unfriendly  stages  of  collection^ 
Credit  protection 
Bankruptcy 

The  role  of  the  credit  depart- 
ment in   developing    business 


When  a  bill  of  goods  is  sold,  the  transaction  is  by  no 
means  complete — that  is,  if  the  sale  is  on  credit.  The  pur- 
chaser must  pay  the  bill.  But  some  purchasers  cannot  pay,, 
others  will  not;  therefore  caution  must  be  exercised  in 
granting  credit,  and  pressure  brought  to  bear  in  obtaining 
payment. 

Often  seekers  after  credit  are  foolishly  offended  at  the 
questions  they  must  answer.  They  do  not  realize  how  per- 
sonal is  the  favor  they  are  asking,  nor  do  they  usually 
understand  the  combination  of  factors  which  the  credit 
man  must  consider. 

These  factors  range  all  the  way  from  personal  habits  of 
the  applicant  to  a  survey  of  general  business  conditions. 

There  is  a  well-organized  machinery  for  gathering  credit 
information  both  in  this  country  and  abroad.  This  machin- 
ery, however,  should  be  supplemented  by  the  personal  ob- 
servation of  the  salesmen,  many  of  whom  now  fail  to  co- 
operate in  the  right  spirit  with  the  credit  manager. 

The  credit  operation  is  incomplete  till  the  goods  are  paid 
for;  collections  are  the  complement  of  credit  granting,  and 
they  receive  an  extended  treatment  in  the  Text.  As  a  last 
resource,  the  law  may  be  resorted  to,  as  is  evident  in  the 
treatment  of  credit  protection  and  bankruptcy. 
•  The  possibilities  of  the  credit  department  as  an  agency 
in  building  up  business,  which  have  not  always  been  under-- 
stood,  are  set  forth  in  the  concluding  chapter. 

82 


Business  Correspondence 


Letters  that  ^et  action 
Seeing     through     the     reader's 


The  spirit  of  the  letter 
The  proposition  In  the  letter 
The  proposition  analyzed 
fundamentals  of  the  presenta- 
tion 
The  aid  of  formula  in  presenta- 
tion 


Applying  formulas  to  the  pre- 
sentation 
Routine  and  individual  letters 
Adjusting  complaints  by  letter 
Credit  letters 
Collection  letters 
Working   the  mailing  list 
Planning  the  letter 
Writing  the  letter 
Mechanical  form 
Getting  fhe  most  out  of  words 


Nearly  all  of  us  are  constantly  receiving  and  sending 
letters^  and  we  know  in  our  experience  the  common  types — 
the  nasty  letter^  the  sloppy  letter^  the  cold-as-an-iceberg 
letter^  and^  on  the  other  hand^  the  direct  yet  cordial  letter 
which  makes  us  feel  as  if  we  had  gripped  a  friendly  hand. 

The  profit-making  influence  of  good  correspondence  can 
hardly  be  overestimated. 

A  good  sales  letter  may  be  the  means  of  getting  thou- 
sands of  dollars'  worth  of  business;  a  poor  adjustment 
letter  may  be  the  cause  of  losing  a  worth-while  customer. 

To  a  large  extent  business  must  be  carried  on  by  means 
of  letters^  and  there  are  few  subjects  of  more  vital  impor- 
tance to  the  business  man  than  business  correspondence. 

Business  letters  always  have  a  direct  purpose  in  view  and 
there  are  certain  underlying  principles  which  should  be 
observed  in  all  business  letters^  whatever  their  particular 
purpose.  But  these  letters  serve  many  different  purposes, 
and  some  of  the  prominent  types  and  their  characteristics 
are  treated. 

Especial  attention  is  given  to  sales  correspondence,  which 
forms  a  most  important  branch  of  business  correspondence. 


83 


Cost  Finding 


The  importance  of  cost  finding 

Problems  of  cost  finding 

Identification  of  costs 

Issuing  and  evaluating  vnaterial 

Evaluation  of  labor  costs 

Expense  or  burden 

Depreciation 

Distribution  of  factory  expense 

Production  centers  and  the  sup- 

plementary  rate 
Effect   of  volume    of   work   on 

expense  distribution 


Other  features  of  expense  dis- 
tribution 

Distribution  of  administrative 
expense — resume 

Assembling  and  recording  costs 

Analysis  and  reduction  of  costs 

Predetermination  of  costs — ma- 
terials and  labor 

Predetermination  of  costs — ex- 
pense 

Application  of  cost  finding 
methods 


Of  late  years,  and  as  a  direct  result  of  growing  compe- 
tition in  all  branches  of  industrial  enterprise,  the  subject 
of  cost  is  receiving  increased  attention. 

Every  year  sees  hundreds  of  progressive  concerns  adopt- 
ing methods  designed  to  ascertain  the  real  cost  of  pro- 
ducing and  selling  goods  and  of  managing  a  business  en- 
terprise. 

Manufacturers  are  no  longer  satisfied  with  merely  mak- 
ing a  profit.  They  want  to  know  what  lines  are  paying 
and  what  lines  are  not — not  in  a  general  way,  but  specifi- 
cally in  actual  figures.  They  want  to  know  which  depart- 
ments are  producing  economically  and  w^hich  are  not. 

In  this  part  of  the  Course,  the  various  methods  of  keep- 
ing track  of  costs  are  described  and  illustrated.  Particular 
attention  is  given  to  the  mixed  question  of  allotting  general 
factory  expense  or  burden. 

The  possibilities  of  predicting  costs  are  fully  discussed 
and  the  significance  of  this  development  of  cost  finding 
methods  is  fully  impressed  upon  the  reader. 

The  problem  of  costs  is  one  of  the  widest  application 
in  business  management  and  its  significance  in  different 
lines  of  business  is  pointed  out. 


84 


Advertising  Campaigns 


The  purpose  of  the  campaign 
Analysis   of  demand  and  com- 

petition 
The    advertising    appropriation 
Methods  of  identification 
The  advertising  department 
The  advertising  agency 
Advertising  media 
Weighing  circulation 
Weighing  prestige 
Letters  and  direct  advertising 


Sampling 

How  periodicals  are  used 

The  use  of  signs 

Campaigns  to  obtain  distribu- 
tion 

Campaigns  to  obtain  dealer  co- 
operation 

Mail-order  campaigns 

Public  sentiment  campaigns 

The  trader's  campaign 

The  campaign  as  a  whole 


In  the  Modern  Business  Course  and  Service  the  study  of 
advertising  is  divided  into  three  parts.  First,  in  Marketing 
Methods  there  is  a  complete  presentation  of  the  plan  be- 
hind the  campaign — of  the  things  that  have  to  be  consid- 
ered by  anyone  who  has  anything  to  sell,  before  he  sends 
out  salesmen  or  prepares  advertising. 

The  section  of  Advertising  Principles  shows  what  ad- 
vertising can  do  for  business,  guides  one  in  choosing  the 
right  advertising  appeal,  and  treats  of  the  technique  of 
advertising,  writing  the  copy,  preparing  the  illustrations, 
and  getting  the  advertisement  before  the  public. 

There  is  much  more  to  advertising,  however,  than  the 
making  of  a  preliminary  study  of  the  writing  of  adver- 
tisements. 

The  advertiser  has  to  consider  problems  of  organiza- 
tion, methods  of  identifying  his  goods,  his  relation  with 
agencies,  the  selection  of  media,  distribution,  dealer  co- 
operation, and  a  host  of  other  things,  all  of  which  have  an 
important  part  in  the  complete  campaign. 

This  section  deals  with  the  many  essential  parts  of  an 
advertising  campaign  which  have  not  been  considered  in 
preceding  sections  of  the  Modern  Business  Course.  It 
gathers  together  all  the  diverse  considerations  of  the  ad- 
vertiser, shows  their  relation  one  to  another,  and  binds 
them  into  a  unified  whole. 


85 


Corporation  Finance 


Amortization  of  bonds 

Capitalization 

Investment  and  maintenance  of 

capital 
Income,  dividends  and  surplus 
ProTaoting  the  new  enterprise 
Promoting  consolidations 
Sellings    stocks   and    bonds 
Financing  the  small  company 
Financing  reorganizations 


The  corporation;  a  preliminary 
sketch 

Capital  of  the  corporation 

Capital  stock 

Stock  not  paid  in  cash 

Trade  credit  and  bank  loans 

Short-term  loans 

Mortgage  bonds 

Collateral  trust  bonds 

Bonds  secured  by  leases 

Miscellaneous  bonds  and  pre- 
ferred stock 

The  advantages  of  the  corporation  have  made  it  the  most 
popular  form  of  financial  organization^  and  nearly  all  busi- 
ness men  are  now  interested  in  one  way  or  another  in  the 
formation  or  management  of  corporations^  or  in  the  buying 
and  selling  of  the  stock  and  securities  of  corporations. 

The  stability  of  practically  every  business  concern  de- 
pends in  a  very  large  measure  upon  the  keenness  of  judg- 
ment used  in  its  financial  management. 

This  section  of  the  Course  enables  one  to  think  along 
financial  lines  with  accuracy  and  decision.  The  methods 
by  which  corporations  are  promoted  and  financed  are  fully 
described^  and  the  principles  that  underlie  successful  cor- 
porate management  are  stated. 

The  different  kinds  of  bonds,  such  as  mortgage  bonds, 
collateral  trust  bonds,  bonds  secured  by  leases,  etc.,  are 
explained  and  the  methods  of  selling  them  discussed. 

There  are  sections  on  capital  and  its  maintenance  and  a 
full  discussion  of  income,  dividends  and  surplus  that  will 
be  of  value  to  the  executive  and  to  the  investor. 

In  the  last  three  chapters  the  application  of  the  princi- 
ples of  corporation  finance  to  the  small  company  is  fully 
described. 


TliANSPORTATION 


Transcontinental  rates  and  the 

Panama  Canal 
Export  and  import  rates 
Special  services  and  charges 
Terminal  services  and  charges 

in  New  York 
Express  and  parcel  post 
The  Transportation  Act 
Inland  water  transportation 


The  railroads  and  the  shipping 
public 

The  Government  takes  the  rail- 
roads 

Government  reorganization  of 
railroads 

Railroad  rates 

Classifications 

Rates  in  Official  Classification 
and  Southeastern  Territory 

Business  as  it  is  conducted  today  would  not  be  possible 
without  the  railroad. 

The  corner  grocery  store  as  well  as  the  big  manufactur- 
ing company  is  directly  affected  by  traffic^  rates  and  meth- 
ods. The  prosperity  of  many  a  business  and  community 
is  largely  dependent  upon  relations  with  transportation 
companies.  Yet  many  business  men  are  unfamiliar  with 
even  the  elements  of  rate  making  and  traffic  handling. 

The  war  made  great  changes  in  railroad  organization 
and  when  the  railroads  were  returned  at  the  close  of  the 
war  to  their  former  owners  a  new  set  of  problems  had 
.to  be  faced.  Rail  rates  had  assumed  a  new  importance, 
labor  and  other  costs  had  increased  and  both  shipper  and 
carrier  were  called  upon  to  consider  transportation  in  an 
entirely  different  light  than  before  the  war.  All  of  these 
problems  receive  careful  consideration  in  this  Text,  and 
the  tendencies  of  the  times,  so  far  as  they  have  been 
clearly  revealed,  are  pointed  out. 

Classifications,  rates,  special  services,  terminal  facilities 
and  charges  are  some  of  the  specific  questions  discussed. 


87 


Foreign  Trade  and  Shipping 


Foreign  trade:  Relation  of  for- 
eign trade  to  domestic  husi- 


The  national  aspect  of  foreign 

trade 
The  market 

Governmental  trade  promotion 
Private  trade  promotion 
Indirect  exporting 
Direct  exporting 
The  conditions  of  sale 


The  export  department 

Cooperation  for  foreign  trade 

Making  an  export  shipment 

Importing 

Shipping:   Principles    of   ocean 

transportation 
The  freight  service 
Ports  and  terminals 
Ocean  freight  rates 
Rate  agreements 
The  merchant  marine 


The  events  of  recent  years  have  turned  the  attention  of 
business  men  of  America  once  more  to  the  problems  of 
foreign  trade. 

This  section  of  the  Course  describes  the  development  of 
our  trade  with  foreign  countries.  It  describes  various 
changes  which  are  at  work  in  this  field  and  the  methods 
by  which  foreign  trade  is  conducted. 

Intimately  associated  with  this  subject  is  that  of  ship- 
ping ;  the  transportation  problems  involved  in  foreign  trade, 
questions  of  routes,  rates,  registry  and  the  like  are  given 
particular  attention. 

The  advantages  and  disadvantages  of  American  and 
foreign  shipping  and  the  problems  involved  in  the  up- 
building of  an  American  merchant  marine  receive  careful 
consideration. 


88 


Banking 


Classes  of  banks 

Operations  of  a  co»mmercial 
bank 

The   bank  statement 

Loans   and   discounts 

Establishing  bank  credit 

Bank  notes 

Deposits  and  checks 

The  clearing  house 

Bank  organization  and  admin- 
istration 


Banks  and  the  government 
American    banking    before    the 

Civil  War 
Banking  in  Europe 
Canadian  banking  system 
The  National  banking  system 
Banking  reform  in  the  United 

States 
The  Federal  Reserve  system 
State    banks    and    trust    com- 
panies 


Business  concerns  deal  in  bank  credit  every  day.  They 
have  on  deposit  large  amounts  of  their  capital.  They  rely 
upon  their  banks'  stability.  And  yet  how  few  can  read  a 
bank  statement  with  real  insight  and  judgment. 

The  fundamental  principles  underlying  all  banking  oper- 
ations are  presented  under  this  heading.  The  nature  of 
money  and  its  relation  to  credit  and  capital  are  described, 
and  the  conditions  which  lead  to  a  general  rise  or  fall  of 
prices  are  set  forth. 

The  important  banking  and  monetary  experiences  of 
the  United  States  are  reviewed  and  full  descriptions  of 
the  banking  systems-  of  the  United  States,  Canada,  Eng- 
land, France  and  Germany  are  given. 

In  connection  with  banking,  the  source  of  the  banker's 
lending  power  and  its  relation  to  cash  on  hand  are  indi- 
cated, as  well  as  the  distinction  between  the  bank  note  and 
the  bank  deposit,  and  the  factors  controlling  the  rate  of 
discount. 

Banking  practice  is  in  large  part  a  study  of  the  bank- 
ing laws  and  customs  prevalent  in  the  United  States,  includ- 
ing those  governing  Federal  Reserve  Banks,  State  banks 
and  trust  companies. 

The  subject  is  fully  discussed  in  this  part  of  the  Course, 
as  are  also  the  technical  aspects  of  banking  in  all  details. 


89 


International  Exc&ange 


Domestic  exchange 

Federal  Reserve  Bank  clearings 

General  aspeets  of  foreign  ex- 
change 

Basal  factors  of  exchange 

Restoration    prospects    for 
rates  of  exchange 

Foreign  remittances 

Bills  of  exchange 

A  day  in  an  exchange  box 

Finance  bills 


Arbitrage 
Rates  of  interest 
Gold  shipments 
Sterling  exchange 
Gold  standard 
Gold  exchange  standard 
Silver  and  paper  exchanges 
London  and  New   York  as  fi- 
nancial centers 
War  and  the  exchanges 
Tables 


The  early  part  of  this  section  of  the  Course  deals  with 
inland  exchange  and  describes  the  method  by  which  settle- 
ments are  made  between  different  parts  of  the  same  coun- 
try. When  this  is  fully  understood  the  problem  of  foreign 
exchange  becomes  very  simple.  It  is  the  application  of  the 
same  principles  complicated  only  by  the  difference  in  money 
units  between  different  countries.  / 

The  "Foreign  Exchange"  department  of  banking  is  of 
such  great  importance  and  presents  so  many  difficult  ques- 
tions that  it  deserves  and  is  accorded  special  treatment. 
The  reader  is  given  a  full  description  of  the  mechanism 
of  the  exchange  market  and  is  shown  how  money  is  made 
in  foreign  exchanges. 

He  learns  how  the  vast  amount  of  export  and  import 
trade  is  made  possible  through  the  interrelations  between 
the  foreign  exchange  markets  of  New  York,  London,  Paris 
and  other  large  centers.  He  also  learns  concretely  how 
foreign  shipments  are  financed  and  is  given  some  valuable 
information  concerning  the  infhience  of  gold  and  other 
factors  upon  foreign  exchange  rates. 

An  important  feature  of  this  section  is  a  thorough  discus- 
sion of  the  best  methods  of  handling  export  shipments. 
Many  American  and  Canadian  manufacturers  are  consider- 
ing the  advisability  of  going  after  foreign  trade  with 
greater  vigor.  They  are  usually  puzzled  when  it  comes  to 
considering  how  to  finance  these  shipments,  which  are  often 
a  long  time  in  transit.  The  growing  importance  of  export 
trade  makes  this  section  of  the  Course  particularly  valuable. 

90 


Insurance 


Risk  and  insurance 

The  life  risks 

Life  insurance  protection 

lAfe  policies  and  premiums 

Modification  of  the  ordinary 
life  policy 

Annuities  and  pensions 

Group  insurance 

Functions  of  insurance  carriers 
— the  old  line  companies 

Assessment  and  fraternal  in- 
surance 


Government  life  insurance 

Accident  and  health  insur- 
ance 

Liability  insurance 

Workmen's  compensation  insur- 
ance— general  features 

Workmen's  compensation  insur- 
ance— rate  making 

Fire  insurance 

Fire  insurance  policies 

Marine  insurance 

Other  forms  of  insurance 


Insurance  constitutes  a  form  of  investment  in  which  we 
are  all  interested,  as  purchasers  of  life  insurance,  fire  in- 
surance, casualty  insurance,  marine  insurance,  or  of  any 
other  of  the  various  forms  which  have  come  into  existence. 
To  buy  insurance  properly,  one  should  know  the  principles 
that  underlie  rates  and  insurance  operations,  and  should  be 
able  to  judge  the  policy  which  covers  these  various  essen- 
tials. Partnership  and  business  insurance  is  much  more 
used  now  than  it  has  been  heretofore  and  it  is  becoming  an 
important  element  in  adding  to  the  stability  of  business. 

Personal  or  life  insurance  occupies  a  large  space  in  the 
Text.  The  nature  of  the  life  risk  is  discussed  as  well  as 
the  means  of  protection  through  the  straight  life  policy. 
The  various  motives  which  have  prompted  these  variations 
and  the  effect  of  these  modifications  upon  the  premium  or 
the  price  of  insurance  are  clearly  explained.  Various  types 
of  business  organizations  with  divergent  business  methods 
have  been  devised  for  the  purpose  of  conducting  life  in- 
surance. The  strength  and  weakness  of  the  different  or- 
ganization forms  are  pointed  out. 

Another  aspect  of  personal  insurance  is  found  in  accident 
and  health  insurance.  Obligations  toward  others  generally 
for  personal  injuries  is  the  basis  of  liability  and  workmen's 
compensation  insurance,  of  which  the  latter  has  had  an 
almost  mushroom  development  of  late  years. 

Property  insurance  brings  up  diverse  questions  in  fire 
insurance  and  in  marine  insurance. 

91 


The  Stock  and  Pboduce  Exchanges 


The  curb  market 

Benefits   and   evils   of  specula- 
tion 

Influences     that     affect     stock 
prices 

Produce    exchanges    and 
functions 

The  future  contract 

Organized  spot  ^market 

The  Chicago  Board  of  Trade 


their 


Functions  of  stock  exchanges 

Leading  stock  exchanges 

The  New  York  Stock  Exchange 

Stock  exchange  securities 

Execution  of  orders,  transfers 
and  settlements 

Methods  of  trading 

The  .speculative   transaction 

Relations  of  banks  to  the  se- 
curity market 

Quotations  and  news  services 

Almost  every  man  in  business  comes  into  contact  with 
some  one  of  the  exchanges. 

Therefore,  a  detailed  description  of  the  organization, 
operation  and  management  of  the  principal  security  and 
raw  material  markets  of  the  world  is  of  inestimable  value. 
This  is  the  aim  of  this  section  of  the  Modern  Business 
Course  and  Service. 

Speculation  in  goods  and  in  stocks  exists  because  it  per- 
forms an  economic  service.  It  saves  the  manufacturer  of 
cotton  goods  or  flour,  for  example,  from  gambling  by  an 
operation  known  as  hedging.  Business  men  should  under- 
stand how  speculation  performs  this  service. 

The  volume  closes  with  a  discussion  of  corners  and  of 
the  influences  governing  security  and  produce  prices. 


92 


Accounting  Practice  and  Auditing 


Accounting  Practice 

PTTO'prietary  accounts 
Repairs,  renewals,  depreci- 
ation and  fluctuation 
Partnership     problems     at 

organization 
Partnership  problems  dur- 
ing operation 
Partnership  dissolution 
Partnership    dissolution   il- 
lustrated 
Consignments    and       joint 
ventures 


Fiduciary  accounting 
Insolvency  accounts 
Corporations 
Branch  accounts 
Auditing 

The  auditor  and  his  work 
Scope  of  auditor's  activity 
Procedure  and  methods 
Classes  of  audits 
Verification    of    the    asset 
side  of  the  balance  sheet 
Verification  of  liabilities 
Reports  and  certificates 


This  section  deals  with  the  application  of  the  principles 
of  accounting  to  the  complicated  problems  that  arise  in 
practice.  The  correct  method  of  treating  the  proprietary 
accounts  under  the  different  legal  tj^pes  of  organization 
are  considered.  The  management  of  surplus,  the  treat- 
ment of  reserves,  the  relation  between  funds  and  reserves 
and  the  method  of  handling  sinking  funds  are  discussed 
at  length. 

The  differentiation  between  capital  and  revenue  charges 
is  perhaps  the  most  difficult  problem  which  the  accountant 
has  to  face.  The  important  principles  involved  in  this 
problem  are  treated  with  numerous  examples  taken  from 
actual  cases.  The  difficult  problems  which  arise  in  part- 
nership and  corporate  accounting  are  fully  explained. 

Auditing  is  taken  up  from  the  business  man's  point  of 
view  rather  than  from  the  point  of  view  of  the  practitioner. 
However,  many  points  of  interest  to  the  practitioner  and 
student  are  considered.  The  nature  of  the  auditor's  work 
is  discussed  and  the  different  classes  of  engagements  which 
auditors  undertake  are  explained. 

The  auditor  renders  a  report  on  his  work  at  the  conclu- 
sion of  his  engagement  and  the  form  and  contents  of  his 
report  are  treated  at  length.  The  subscriber  is  shown  the 
difference  in  certificates  which  auditors  attach  to  balance 
sheets  and  the  proper  method  of  interpreting  them  is 
discussed. 

93 


FiNANCIAI.   AND    BUSINESS    STATEMENTS 


Importance  of  classified  infor- 
mation 

Statistical  and  graphical  state- 
ments 

Auxiliary  statements 

Analysis  and  interpretation  of 
income  statements 

Consolidated  income  statements 

Valuation  and  interpretation  of 
fixed  assets 

Valuation  and  interpretation  of 
intangible    assets 

Valuation  and  interpretation  of 
current  assets 


Valuation  and  interpretation  of 

deferred  assets 
Treasury   stock   and  its    treat- 

m^ent 
Interpretation  of  liabilties 
Surplus,  reserves  and  dividends 
Sinking  funds  and  other  funds 
Relation  of  working  capital  and 

income  to  assets 
Consolidated  balance  sheets 
Private  budgets 
Municipal  budgets 
Interpretation    of    professional 

reports 


The  business  man  must  understand  accounting  as  far  as 
he  uses  accounting  knowledge  in  interpreting  the  progress 
of  his  business. 

He  wants  not  so  much  the  details  of  accounting  tech- 
nique as  the  information  necessary  to  enable  him  to  use 
his  accounting  records  properly.  No  one  can  expect  to  suc- 
ceed in  a  big  way  w^ithout  the  ability  to  read  financial  and 
business  statements — ^both  on  the  lines  and  between  the 
lines. 

In  every  business  the  executive  deals  with  a  great  variety 
of  reports^  statements^  statistics  and  charts.  This  volume 
is  designed  to  set  forth  the  principles  and  to  describe  the 
methods  by  which  they  should  be  interpreted. 

In  the  discussion  of  private  and  public  budgets  is  in- 
cluded data  that  will  be  of  the  utmost  value  to  every  busi- 
ness man.  You  will  find  a  thorough  discussion  of  budget 
making  and  a  clear  outline  of  what  should  and  what  should 
not  be  done. 

Instructions  for  the  analysis  of  the  reports  and  financial 
statements  of  industrial  organizations  and  railway  com- 
panies are  set  forth. 


94 


Investments 


Farm  mortgages 

Urban  real  estate 

Public  bonds  of  domestic  origin 

Bonds  of  foreign  origin 

Bonds  and  stock   contrasted 

Bonds  and  stock  classified 

Railway  securities 

Analysis   of  railroad  securities 


Public  utility  securities 
Industrial  securities 
Mining  securities 
Oil  securities 
The  cycle  of  trade 
Investment  barometers 
The  dream  land  of  finance 
General  rules 


Every  successful  business  man  at  some  time  in  his  career 
has  occasion  to  seek  gilt-edge  investments — either  for  his 
own  surplus  funds  or  for  those  of  his  company. 

The  daily  losses  of  investors'  capital  are  evidence  of  the 
need  for  a  volume  which  aims  to  qualify  you  to  make  the 
critical  analysis  of  securities  which  is  necessary  to  an  in- 
telligent estimate  of  their  value. 

Such  topics  as  farm  mortgages  and  urban  real  estate  are 
thoroughly  discussed  and  the  opportunities  in  this  new  field 
for  the  investor  are  clearly  explained.  Domestic  bonds, 
foreign  bonds,  securities  of  industrials,  railways  and  public 
utility  corporations  are  analyzed  in  a  way  to  help  you  make 
an  intelligent  estimate  of  their  value. 

In  this  volume  you  will  find  a  thorough  study  of  the 
subjects  of  security  fluctuation  and  trade  cycles,  together 
with  information  on  the  general  rules  and  technique  of 
trading. 


95 


Business  and  the  Go^ternment 


Public  service  corporations 

Local  'public  utilities 

Trusts   and   combinations 

The  postal  service 

Should  public  management    he 

extended? 
The  great  war:  its  effects,  its 

influence,  its  lessons 


Business  and  the  public  in  part- 
nership 

Taxation  and  business 

Oovernment,  natural  resources 
and  the  farmer 

Oovernment  encouragement  of 
industries  and  commerce 

Public  inspection  of  business 

Problems  of  employment 

The  Course  opens  with  the  personal  relations  of  a  man 
to  a  business  and  continues  with  an  analysis  of  the  various 
activities  which  constitute  modern  business.  In  this  sec- 
tion it  closes  with  the  manifold  relations  of  business  to 
government. 

Business  is^  as  it  were,  in  partnership  with  the  govern- 
ment. In  this  partnership  the  government  is  active,  as 
there  are  government  departments  aiming  to  promote  busi- 
ness in  manufactures  and  in  trading. 

Business,  of  course,  cannot  exist  without  government,  and 
as  the  war  demonstrated,  government  cannot  exist  without 
business.  Business  is  restive,  however,  under  the  close 
supervision  wrought  of  war  necessities.  How  far  is  such 
supervision  justified  in  times  of  peace? 

This  is  a  question  both  of  principle  and  expediency  and 
all  its  aspects  are  brought  out  in  the  discussion  of  specific 
problems,  the  tariff,  trusts  and  corporations,  public  utilities^ 
national  and  local,  and  the  like. 


96 


Chapter  VII 
ADVISORY  COUNCIL 


The  Advisory  Council  has  general  supervision  and  direction 
of  the  policies  and  activities  of  the  Institute, 


Joseph  French  Johnson,  D.C.S.,  LL.D. 

Dean,  New  York  University  School  of  Commerce, 
Accounts  and  Finance 
Graduated  Harvard  University,  1878;  studied  political 
science  and  economics  in  Europe;  began  newspaper  work 
on  the  Springfield  Republican,  1881;  moved  to  Chicago, 
1883,  and  became  financial  editor  of  the  Chicago  Tribune; 
established  the  Spokane  (Wash.)  Spokesman,  1890,  sold 
his  interest,  1893,  and  became  Professor  of  Finance  in  the 
University  of  Pennsylvania;  appointed  Professor  of  Po- 
litical Economy  in  New  York  University,  1901;  Dean  of 
the  School  of  Commerce,  Accounts  and  Finance  since 
1903;  Secretary  of  the  Special  Currency  Committee  of  the 
New  York  Chamber  of  Commerce  in  1906;  appointed  by 
the  National  Monetary  Commission  to  investigate  and  re- 
port on  the  Canadian  banking  sj^stem,  1909;  Treasurer  of 
the  Economic  Club  of  New  York  since  1908;  Director  of 
the  Merchants'  Association  of  New  York  since  1908;  re- 
ceived degree  of  Doctor  of  Commercial  Science  from 
Union  College,  1909;  member.  New  York  Chamber  of 
Commerce;  member  of  Mayor  Gaynor's  Commission  on 
New  Sources  of  Revenue  for  New  York  City,  1912;  mem- 
ber of  Van  Tuyl  Commission  to  Revise  the  Banking  Law 
of  State  of  New  York,  1913;  received  degree  of  Doctor 
of  Laws  from  Hobart  College,  1915;  author  of  "Money 
and  Currency,"  and  "Syllabus  of  Money  and  Banking," 
and  author  of  the  Modern  Business  Text  on  "Business  and 
the  Man"  and  "Economics — ^the  Science  of  Business." 

Frank  A.  Vanderlip,  A.M.,  LL.D.  Financier 

Educated  at  the  Universities  of  Illinois  and  of  Chicago ; 
after  his  graduation  reporter  on  the  Chicago  Tribune,  and 
later  financial  editor ;  also  part  owner  and  associate  editor 
of  the  Chicago  Economist;  became  private  secretary  to 
Secretary  of  the  Treasury  Gage,  March,  1897;  appointed 
Assistant  Secretary  of  the  Treasury,  June,  1897;  appointed 

97 


Vice-President  of  the  National  City  Bank  of  New  York, 
1901;  delegate  to  the  International  Conference  of  Com- 
merce and  Industry  held  at  Ostend,  Belgium,  1902;  served 
as  President  of  the  National  City  Bank  of  New  York, 
1909-1919;  member,  New  York  Chamber  of  Commerce; 
trustee,  Carnegie  Foundation;  member  of  the  Council  of 
New  York  University?  Director,  Union  Pacific  Railroad 
Company,  and  of  various  industrial  and  banking  corpora- 
tions; author  of  "Chicago  Street  Railways,"  "The  Ameri- 
can Invasion  of  Europe"  and  "Business  and  Education"; 
Chairman,  Board  of  Directors,  American  International 
Corporation. 

Jeremiah  W.  Jenks,  Ph.D.,  LL.D. 

Research  Professor  of  Government  and 
Public  Administration,  New  York  University 
Graduated  University  of  Michigan,  1878;  admitted  to 
the  Michigan  Bar;  graduate  student,  receiving  degree  of 
Ph.D.,  University  of  Halle,  1885;  Professor  of  Political 
Science,  Knox  College,  1886-1889;  Professor  of  Political 
Economy,  Indiana  University,  1889-1891;  Professor  of 
Political  Economy  and  Politics,  Cornell  University,  1891- 
1912;  Professor  of  Government  and  Director  of  the  Divi- 
sion of  Public  Affairs,  New  York  University,  1912-1918; 
President  of  the  American  Economic  Association,  1906- 
1908;  expert  agent  of  United  States  Industrial  Commission 
engaged  in  the  investigation  of  trusts  and  industrial  com- 
binations in  the  United  States  and  Europe,  1889-1901; 
expert  adviser  to  the  United  States  Department  of  Labor, 
1901-1902;  special  commissioner  of  the  United  States  War 
Department  to  investigate  questions  of  currency,  labor 
and  taxation  in  the  Orient,  1901-1902;  special  expert  on 
currency  reform  for  the  Government  of  Mexico,  1903; 
member  of  the  commission  on  International  Exchange  to 
advise  government  of  China  on  Currency,  1903-1904;  Di- 
rector of  the  Far  Eastern  Bureau,  since  1913;  member 
of  the  United  States  Immigration  Commission,  1907-1910; 
member,  High  Commission  of  Nicaragua,  since  1918; 
author  of  "The  Trust  Problem,"  "The  Immigration  Prob- 
lem," "Citizenship  and  the  Schools,"  "Great  Fortunes — the 
Winning,  the  Using,"  "The  Principles  of  Politics,"  "Great 
American  Issues"  (written  with  John  Hays  Hammond), 
and  of  numerous  government  reports;  and  author  of  the 
Modern  Business  Text  on  "Business  and  the  Government." 

T.  Coleman  duPont,  D.C.S.  Business  Executive 

Educated  at  Urbana  University,  Chauncy  Hall  School 
and  Massachusetts  Institute  of  Technology;  later  Surveyor 
for  the  Louisville  &  Southern  Exposition  and  Engineer  for 

98 


the  Central  Coal  &  Iron  Company;  afterward  engaged  in 
extensive  coal  and  iron  mining,  construction  and  manage- 
ment of  public  utilities;  for  thirteen  years  President  of 
E.  I.  duPont  de  Nemours  Powder  Company;  President, 
Central  Coal  &  Iron  Company;  President,  McHenry  Coal 
Company;  President,  Johnson  Coal  Company;  President, 
Main  Jellico  Mountain  Coal  Company;  President,  Johns- 
town Passenger  Railway  Company;  Vice-President,  Gree- 
ley Square  Hotel  Company;  Director,  Union  National 
Bank  of  Wilmington;  Director,  Empire  Trust  Company; 
Director,  National  Surety  Company;  member.  Republican 
National  Committee;  Chairman,  Republican  State  Com- 
mittee of  Delaware,  1904.  Launched  a  comprehensive 
plan  for  remodeling  Central  City.  Chairman  of  the  Inter- 
Racial  Council,  Interested  in  one  of  the  largest  hotel 
companies  in  America,  controlling  Waldorf-Astoria,  Cla- 
ridge,  McAlpin,  New  Willard.  New  York  University, 
D.C.S.,  1919. 

John  Hays  Hammond,  D.Sc,  LL.D.  Consulting  Engineer 

Educated  in  public  and  private  schools;  graduated  from 
Sheffield  Scientific  School  (Yale),  1876;  appointed  by  the 
United  States  Geological  Survey  in  1880  to  examine  Cali- 
fornia and  Mexican  gold  fields;  consulting  engineer  to 
Union  Iron  Works,  San  Francisco,  and  to  Central  and 
Southern  Pacific  Railroads;  has  made  extensive  examina- 
tions of  properties  in  all  parts  of  the  world;  became  con- 
sulting engineer  for  Barnato  Bros,  in  1893  and  later  for 
Cecil  Rhodes,  with  whom  he  was  closely  associated^  con- 
sulting engineer,  Consolidated  Gold  Fields  Co.  of  South 
Africa  and  the  Randfontein  Estates  Gold  Mining  Co. ;  was 
one  of  the  four  leaders  in  reform  movement  in  the  Trans- 
vaal, 1895-1896;  after  varied  experience  in  London,  he 
returned  to  the  United  States  and  became  associated  with 
some  of  the  most  important  financial  groups  in  this 
country,  purchasing  and  promoting  mining  properties  in 
this  country  and  Mexico;  lecturer  at  Columbia,  Harvard, 
Yale  and  Johns  Hopkins  Universities;  President  of  the 
National  Republican  League;  President,  American  In- 
stitute of  Mining  Engineers;  Fellow  A.A.A.S.;  member 
National  Civic  Federation,  and  other  civic  and  political 
bodies;  contributor  to  many  scientific  magazines;  ap- 
pointed by  President  Taft  as  special  ambassador  and  rep- 
resentative of  the  President  at  the  Coronation  of  King 
George  V;  President  of  the  World  Court  Congress.  Hon- 
ary  degrees:  Yale,  A.M.,  1898;  Stevens  Institute  of 
Technology,  D.E.,  1906;  St.  John's  College,  LL.D.,  1907; 
University  of  Pittsburgh,  D.Sc,  1915;  collaborator  on  the 
Modern  Business  Text  "Business  and  the  Government." 

99 


STAFF 


The  members  of  the  Staff  conduct  the  Modern  Business 
Course  and  Service 


Bruce  Barton  General  Publicity 

Graduated  from  Amherst  College.  Managing  editor 
Home  Herald,  Chicago,  1907-1909;  managing  editor 
Housekeeper,  1910-1911;  assistant  sales  manager  P.  F. 
Collier  and  Son,  1912-1914;  editor  Every  Week,  1914-1917; 
publicity  director  United  War  Work  Campaign;  Presi- 
dent of  Barton,  Durstine  and  Osborne,  Inc.,  advertising 
agents.  Author  of  "More  Power  to  You,"  "It's  a  Good 
Old  World,"  "The  Making  of  George  Groton,"  and  con- 
tributor to  leading  magazines  and  business  papers. 

Dwight  E.  Beebe,  B.L.  Collections 

Graduate  of  the  University  of  Wisconsin;  for  three 
years  assistant  to  the  Sales  Manager  of  the  Westing- 
House  Nernst  Uamp  Company  of  Pittsburgh;  for  three 
years  connected  with  the  Publicity  Department  of  AUis 
Chalmers  Company,  Milwaukee;  later  associated  with 
Charles  Austin  Bates,  New  York  City;  appointed  Bursar 
of  the  Alexander  Hamilton  Institute  in  1911.  Director  of 
Service  since  October,  1918.  Collaborator  on  the  Modern 
Business  Text  on  "Credit  and  Collections." 

Geoffrey  S.  Childs,  B.C.S.  Office  Methods 

Educated  at  Bryn  Athyn  Academy;  graduate  of  New 
York  University  School  of  Commerce,  Accounts  and 
Finance.  Formerly  with  Trackless  Trolley  Company;  and 
British  and  American  Mortgage  Company,  New  York 
City.  Assistant  Chief  Clerk,  Alexander  Hamilton  Institu- 
tute,  1914-1915.  Office  Manager  of  Alexander  Hamilton 
Institute  since  June,  1915.  Collaborator  on  the  Modern 
Business  Text  on  "Office  Administration." 

Edwin  J.  Clapp,  Ph.D.        Transportation  and  Terminal  Facilities 
Graduate  of  Yale  University;  after  graduation  spent 
one  year  teaching  at   Hill  School,   Pottstown,   Pa.;   two 
years  as  factory  assistant  and  traveling  salesman  with  the 

100 


Robin  Hood  Ammunition  Company;  Instructor  in  Politi- 
cal Economy,  Yale  University,  1911-1912;  Assistant  Pro- 
fessor of  Trade  and  Transportation,  School  of  Commerce, 
New  York  University,  1912-1914;  Special  Traffic  Com- 
missioner to  the  Directors  of  the  Port  of  Boston,  1914; 
Special  Adviser  to  the  Mayor  and  Harbor  Commissioners 
of  Troy;  Professor  of  Economics,  New  York  University 
and  Lecturer  on  Transportation  in  the  School  of  Com- 
merce, Accounts  and  Finance,  New  York  University, 
1914;  Special  Adviser  to  the  Legal  Department  of  the 
New  York,  New  Haven  and  Hartford  Railroad  in  its 
Sound  Lines  Cases;  author  of  "The  Navigable  Rhine," 
"The  Port  of  Hamburg,"  "Economic  Aspects  of  the  War," 
"The  Port  of  Boston,"  the  Modern  Business  Text  on 
"Transportation." 

Raymond  J.  Comyns,  B.C.S.  Personal  Salesmanship 

Educated  at  New  York  University  School  of  Commerce, 
Accounts  and  Finance;  connected  with  branch  of  the 
Equitable  Life  Assurance  Society,  1900-1901 ;  Accessionist, 
New  York  Botanical  Gardens,  1902;  entered  Tenement 
House  Department,  New  York  City,  1903;  Acting  Chief 
Inspector  of  Tenements,  Bronx  Borough,  New  York  City, 
1907;  Examiner  of  Charitable  Institutions,  New  York  City, 
1909-1910;  Lecturer  on  Salesmanship  and  Sales  Manage- 
ment, New  York  University  School  of  Commerce,  Ac- 
counts and  Finance;  representative  in  Colorado  of  the 
Alexander  Hamilton  Institute,  1911-1913;  appointed  Staff 
Secretary  in  charge  of  Enrolments,  1913;  Assistant  Direc- 
tor of  Sales  since  1915;  Co-author,  Modern  Business  Text 
on   "Salesmanship   and   Sales  Management." 

Herbert  F.  deBower,  LL.B.  Advertising  and  Sales  Policies 

Business  Promotion 
Educated  in  the  University  of  Wisconsin;  practiced  law 
for  two  years;  engaged  in  selling  specialties  for  a  number 
of  years;  since  1911  Vice-President,  Member  of  the  Board 
of  Directors  and  Chairman  Executive  Committee  of  the 
Alexander  Hamilton  Institute;  also  Director  of  various 
business  corporations;  author  of  the  Modern  Business 
Text  on  "Advertising  Principles." 

Roland  P.  Falkner,  Ph.D.  Business  Statistics 

Graduate  of  the  Wharton  School  of  Finance,  University 
of  Pennsylvania;  graduate  student  at  the  University  of 
Paris,  Berlin,  Leipsic  and  Halle;  1891-1900,  Associate  Pro- 

*  fessor  of  Statistics,  University  of  Pennsylvania;  1891-1892, 
Statistician,  U.  S.  Senate  Committee  on  Finance;  1892- 
1893,  Secretary,  International  Monetary  Conference;  1900, 

101 


Chief,  Division  of  Documents,  Library  of  Congress;  1903, 
Special  Agent,  Bureau  of  Census  on  Statistics  of  Crime; 
1904,  Commissioner  of  Education  for  Porto  Rico;  1907, 
Expert  Special  Agent  in  charge  of  School  Statistics  for 
the  U.  S.  Industrial  Commission;  1908,  Chairman  of  the 
Commission  of  the  United  States  to  the  Republic  of 
Liberia;  1909,  Financial  Representative  of  the  Republic 
of  Liberia;  1911,  Assistant  Director  of  the  Census;  1913, 
Member  Joint  T^and  Commission,  United  States-Panama; 
since  1914,  Lecturer,  New  York  University;  member  In- 
ternational Institute  of  Statistics  and  other  learned  so- 
cieties; contributor  to  various  statistical  and  economic 
periodicals  and  has  prepared  several  Government  Re- 
ports; 1915,  Associate  Editor,  1918,  Managing  Editor  of 
the  Alexander  Hamilton  Institute. 

Major  B.  Foster,  M.A.  Banking  Principles 

Graduated  from  Carson  and  Newman  College,  1910; 
Principal  of  Watauga  Academy,  1910-1911;  graduate  stu- 
dent in  Cornell  University,  1911-1913;  Fellow  in  Political 
Economy  at  Cornell  University,  1912-1913;  Assistant  Pro- 
fessor of  Economics  and  former  Secretary  of  the  New 
York  University  School  of  Commerce,  Accounts  and  Fi- 
nance; author  of  several  of  the  Modern  Business  Reports 
and  the  Modern  Business  Text  on  "Banking."  Former 
assistant  to  the  Chairman  of  the  Federal  Reserve  Bank 
of  New  York,  now  assistant  to  Executive  Committee, 
Alexander  Hamilton  Institute. 

Leo  Greendlinger,  M.C.S.,  C.P.A.  (N.  Y.) 

Financial  and,  Business  Statements 
Graduate  of  the  New  York  University  School  of  Com- 
merce, Accounts  and  Finance;  practising  accountant; 
member  of  the  Accounting  Faculty  of  New  York  Uni- 
versity, 1907-1915;  formerly  Editor  of  the  C.  P.  A.  Ques- 
tion Department  of  The  Journal  of  Accountancy ;  member 
of  the  New  York  State  Society  of  Certified  Public 
Accountants;  member  of  the  American  Institute  of  Ac- 
countants; member  of  the  Executive  Committee  and 
Board  of  Directors  as  well  as  Secretary  and  Treasurer  of 
the  Alexander  Hamilton  Institute;  author  of  "Account- 
ancy Problems,"  2  vols.;  and  the  Modern  Business  Text 
on  "Financial  and  Business  Statements." 

J.  Anton  deHaas  Foreign  Trade  and  Shipping 

Graduate  of  High  School,  The  Hague,  Holland;  1900, 
Diplomas  in  Accounting,  and  French,  German  and  Dutch 
commei*cial  correspondence,  1902;  Junior  Accountant  with 

102 


J.  H.  Rosenboom,  Public  Accountant,  The  Hague,  Hol- 
land, 1901-1904;  A.B.  Stanford  University,  1910;  M.A. 
Harvard  University,  1911;  Ph.  D.  Stanford  University, 
1915 ;  Special  Agent  in  Europe  of  the  California  Immigra- 
tion Committee,  1914;  American  representative  for  Mag- 
nesiet  Werken,  Ptotterdam,  Holland,  1916;  Instructor  in 
Economics,  Stanford  University,  1913-1915 ;  Lecturer  For- 
eign Trade  School,  San  Francisco,  California,  1915;  Ad- 
junct Professor  of  Business  Administration,  University  of 
Texas,  1915-1917;  Professor  of  Commerce,  Ohio  State 
University,  1917-1918;  Examiner,  Federal  Trade  Commis- 
sion, summer  1917;  Professor  of  Commerce,  University 
of  Washington,  Seattle,  Washington,  1918;  Lecturer  on 
Foreign  Trade,  Columbia  University,  New  York,  summer 
1918;  Captain  U.  S.  A.,  1918;  formerly  Professor  of  For- 
eign Trade  at  the  Commercial  University  at  Rotterdam, 
Holland,  1919-1920;  Professor  of  Foreign  Trade,  New 
York  University,  1920.  Author  of  Business  Organization 
and  Administration,  and  of  Modern  Business  Text  on 
"Foreign  Trade  and  Shipping.'* 

Edward  R.  Hardy,  Ph.B.  Insurance 

Graduate  of  Boston  University;  formerly  Librarian,  In- 
surance Library  Association,  Boston;  for  several  years 
engaged  in  investigations  and  administrative  work  for 
various  insurance  organizations;  Secretary  and  Treasurer 
of  the  Insurance  Society  of  New  York,  1909;  Manager  of 
the  Underwriters'  Association  of  the  District  of  Columbia, 
1914;  Lecturer  on  Insurance  in  New  York  University 
^..,  School  of  Commerce,  Accounts  and  Finance;  Assistant 
Manager  of  the  New  York  Fire  Insurance  Exchange; 
co-editor  of  the  "International  Insurance  Encyclopedia"; 
author  of  "History  of  Fire  Insurance  in  Massachusetts" 
and  contributor  on  Fire  Insurance  in  the  Modern  Business 
Text  on  "Insurance." 

Warren  F.  Hickemell,  Ph.D.  Business  Conditions 

Studied  Political  Economy  at  Yale  University.  M.A., 
1909;  Ph.D.,  1919.  Was  economic  expert  with  the  Immi- 
gration Commission,  1910,  and  the  Bureau  of  Census, 
1910-1911.  From  1911  until  1916  was  Managing  Editor 
of  the  Brookmire  Economic  Service.  Author  of  "Business 
Cycles"  and  numerous  articles  on  business  and  financial 
conditions.  Lecturer  on  "Panics  and  Depressions"  at 
New  York  L^niversity  School  of  Commerce,  Accounts  and 
Finance.  Director,  Bureau  of  Business  Conditions  of  the 
Alexander  Hamilton  Institute,  since  August,  1916. 

103 


Solomon  S.  Huebner,  Ph.D.  Marine  Insurance 

Educated  at  University  of  Wisconsin.  B.S.,  1902;  M., 
1908.  Dr.  Huebner  was  a  special  lecturer  on  insurance 
and  commerce  in  the  University  of  Pennsylvania,  1904- 
1906;  Assistant  Professor,  1906-1908,  and  Professor  since 
1908.  Since  1919  Dr.  Huebner  has  been  expert  in  Insur- 
ance to  the  United  States  Shipping  Board  and  to  the 
Committee  on  the  Merchant  Marine  and  Fisheries  of  the 
House  of  Representatives.  He  has  had  charge  of  the 
Congressional  Marine  Insurance  investigation.  While  serv- 
ing the  Committee  on  the  Merchant  Marine  he  had  charge 
of  the  shipping  investigation  v^^hich  led  to  creation  of  U.  S. 
Shipping  Board  and  played  a  prominent  part  in  forming 
the  U.  S.  Shipping  Act.  Dr.  Huebner  is  a  special  lec- 
turer on  insurance  in  the  Columbia  University  School  of 
Business.  He  was  expert  for  the  Committee  on  Merchant 
Marine  and  Fisheries  of  the  House  of  Representatives. 
He  is  author  of  works  on  Property  Insurance,  1911;  Life 
Insurance,  1915 ;  Steamship  Agreements  and  Affiliations  in 
the  American  Foreign  and  Domestic  Trade,  1913;  Marine 
Insurance,  1920,  and  of  the  sections  on  Marine  Insurance 
and  Life  Insurance  in  the  Modern  Business  Text  on 
"Insurance." 

Jeremiah  W.  Jenks,  Ph.D.,  LL.D. 

Relation  of  Government  to  Business 
(See  Advisory  Council.) 

Joseph  French  Johnson,  D.C.S.,  LL.D.  Economic  Problems 

(See  Advisory  Council.)  Business  Ethics 

Walter  S.  Johnson,  K.C.  Commercixil  Law 

Educated  in  McGill  University  (B.A.,  B.C.L.);  mem- 
ber of  the  Quebec  Bar;  practising  law  in  Montreal;  Lec- 
turer on  the  Law  of  Agency,  the  Law  of  Partnership  and 
Lease  and  Constitutional  History,  McGill  University;  col- 
laborator in  writing  the  Modern  Business  Texts  on 
"Credit  and  the  Credit  Man"  and  "Business  Organiza- 
tion"; author  of  the  Canadian  Modern  Business  Text  on 
"Commercial  Law";  editor,  the  Quebec  Civil  Code. 

Edward  D.  Jones,  M.A.  (Hon.),  Ph.D.  Investments 

Educated  in  Ohio  Wesleyan  University;  graduated  in 
1892  with  degree  of  B.S.,  M.A.,  1912;  entered  University 
of  Wisconsin  and  received  degree  of  Ph.D.  in  1895;  In- 
structor in  statistics  and  Economics,  1895-1898;  Assistant 
Professor  of  Economics  and  Commercial  Geography,  1900- 
1901,  University  of  Wisconsin;  United  States  Commis- 
sioner to  Paris  Exposition,  1899-1900;  Professor  of  Busi- 
ness Administration,  University  of  Michigan,  1902-1919; 
member  of  International  Association  of  Arts  and  Sci- 

104 


ences,  St.  Louis,  1903;  holder  of  Diploma  and  Bronze 
Medal,  Paris  Exposition,  and  Gold  Medal,  Buffalo  Expo- 
sition; during  the  war  with  the  General  Staff  of  the  War 
Department,  and  with  the  War  Industries  Board;  mem- 
ber of  American  Economic  Association,  of  American  So- 
ciety of  Industrial  Engineers  and  of  Industrial  Relations 
Association  of  America;  now  in  charge  of  Harvard 
University  Service  in  Foreman  Training;  author  of  "The 
Economic  Crises,"  "The  Business  Administration,"  "The 
Administration  of  Industrial  Enterprises"  and  of  the 
Modern  Business  Text  on  "Investments." 

John  G.  Jones  Sales  Management 

Educated  in  Public  School  and  University  College  of 
Wales,  Aberystwyth;  came  to  America  in  1888  and  en- 
gaged in  newspaper  work  and  mining  in  Montana  and 
Colorado;  engaged  in  sales  work  since  1903;  Vice-Presi- 
dent and  Director  of  Sales  and  Advertising  of  the  Alex- 
ander Hamilton  Institute  since  1912;  also  a  Director 
and  member  of  the  Executive  Committee  of  Alexander 
Hamilton  Institute;  Special  Lecturer  on  Salesmanship 
and  Sales  Management  in  the  New  York  University 
School  of  Commerce,  Accounts  and  Finance;  chairman  of 
the  International  Committee  on  Business  Methods  and  In- 
dustrial Relations,  Industrial  Association  of  Rotary 
Clubs,  1920-21;  author  of  the  Modern  Business  Text  on 
"Salesmanship  and  Sales  Management." 

Dexter  S.  Kimball,  A.B.,  M.E.  Cost  Finding 

Practical  work  with  Pope  and  Talbot,  Port  Gamble, 
Washington,  1881-1887;  entered  shop  of  Union  Iron 
Works,  San  Francisco,  1887,  continuing  this  practical 
work  until  1893;  graduated  Leland  Stanford  University, 
1896;  entered  the  Engineering  Department  of  the  Union 
Iron  Works,  1896;  Designing  Engineer,  Anaconda  Mining 
Company,  1898;  Assistant  Professor  Machine  Design,  Sib- 
ley College,  1898-1901;  Professor  Machine  Construction, 
1904-1905;  Professor  Machine  Design  and  Construction, 
1905-1915;  Professor  Machine  Design  and  Industrial  En- 
gineering, 1915-1919;  Dean  of  the  Engineering  Colleges, 
Cornell  University;  member  of  Council  on  Industrial 
Education,  New  York  State  Department  of  Education, 
1911;  member  of  American  Society  Mechanical  Engineers; 
member  of  Society  for  Promotion  of  Engineering  Educa- 
tion; author  "Elements  of  Machine  Design"  (with  John 
H.  Barr),  1909;  "Industrial  Education,"  1911;  "Princi- 
ples of  Industrial  Organization,"  1913;  "Elements  of  Cost 
Finding,"  1914;  contributor  to  scientific  press;  author  of 
the  Modern  Business  Text  on  "Cost  Finding"  and  "Plant 
Management." 

105 


Bernard  Lichtenberg,  M.C.S.  Advertising  Principles 

Graduate  of  New  York  University  School  of  Coinmerce, 
Accounts  and  Finance.  Two  years  post-graduate  study 
in  advertising  at  New  York  University.  Formerly  with 
the  Clark-Hutchinson  Company,  of  Boston;  and  with  the 
Business  Book  Bureau,  New  York  City;  Office  Manager 
of  the  Alexander  Hamilton  Institute,  1912-1915;  Assistant 
Director  of  Advertising  since  June,  1915.  Co-author 
of  the  Modern  Business  Text  on  "Advertising  Principles." 

Frank  L.  McVey,  Ph.D.,  LL.D.  Economics 

Born  in  Wilmington,  Ohio,  November  10,  1869 ;  educated 
in  Ohio  Wesleyan  University  and  Yale  University,  receiv- 
ing degree  of  Ph.D.  in  1895  from  the  latter;  also  studied 
in  England  in  1898.  He  became  Professor  of  Economics 
in  the  University  of  Minnesota  in  1896;  President  of  the 
State  University  of  North  Dakota  in  1909-1917;  now 
President  of  the  University  of  Kentucky;  Chairman  of 
North  Dakota  State  Educational  Commission,  1911;  mem- 
ber of  North  Dakota  State  Board  of  Education;  member 
of  American  Economic  Association;  member  of  American 
Statistical  Association,  and  member  of  other  commercial 
clubs  and  societies;  Secretary  and  founder  of  the  Minne- 
sota Academy  of  Social  Sciences;  member  and  Chairman 
of  Minnesota  Tex  Commission,  1907-1909,  and  member  of 
other  commissions  and  committees.  Author  of  numerous 
tracts,  books  and  pamphlets,  including  "Modern  Indus- 
trialism," "Railway  Transportation,"  "The  Making  of  a 
Town,"  and  Editor,  National  Social  Science  Series;  col- 
laborator on  the  Modern  Business  Text  on  "Economics — 
the  Science  of  Business." 

John  Thomas  Madden,  B.C.S.,  C.P.A.  (N.  Y.) 

Accounting  Practice 
Born  in  Worcester,  Mass.;  graduate  of  New  York  Uni- 
versity School  of  Commerce,  Accounts  and  Finance  (sum- 
ma  cum  laude) ;  employed  with  Swift  &  Company's  sub- 
sidiary interests  in  various  capacities,  1900-1909;  with 
Leslie  &  Company,  Chartered  Accountants,  New  York, 
1910-1911;  practising  public  accountant;  Instructor  in  Ac- 
counting, New  York  University,  1911-1913;  Assistant  Pro- 
fessor of  Accounting,  1913;  now  Professor  of  Accounting 
and  Head  of  Department  of  Accounting,  New  York  Uni- 
versity; special  lecturer  in  accounting.  Association  of 
Employes,  New  York  Edison  Company;  Treasurer,  Old 
Colony  Club;  President,  American  Association  of  Univer- 
sity Instructors  in  Accounting,  1920-21;  National  Presi- 
dent, Alpha  Kappa  Psi  fraternity,  1919-1920;  and  collab- 

106 


orator   on   the   Modern   Business  Text   on   "Accounting 
Practice  and  Auditing." 

Mac  Martin  Advertising  Campaigns 

Educated  in  Minneapolis  public  schools;  graduate  of 
University  of  Minnesota;  President  Mac  Martin  Adver- 
tising Agency;  Ex-President  Minneapolis  Advertising 
Forum ;  Agency  Service  Committee,  American  Association 
of  Advertising  Agencies;  Professional  Lecturer  in  Ad- 
vertising at  the  University  of  Minnesota;  author  "Plan- 
ning an  Advertising  Campaign  for  a  Manufacturer";  au- 
thor "Modern  Methods  of  Merchandising";  author  "Mar- 
tin's Merchandising  Reporting  Service,"  and  of  the  text 
on  "Advertising  Campaigns"  in  the  Modern  Business 
Series. 

G.  F.  Michelbacher,  M.S.  Compensation  and  Liability  Insurance 
Graduate  of  the  University  of  California,  1912;  Teach- 
ing fellow  in  mathematics  in  the  University,  1912-1913; 
lecturer  in  Insurance  and  Mathematics,  1913-1915;  in 
charge  of  the  preparation  of  the  California  Schedule  for 
Rating  Permanent  Injuries,  for  the  Industrial  Accident 
Board  of  the  State  of  California,  1913-1914;  later  super- 
intendent of  the  permanent  disability  rating  department 
of  the  Industrial  Accident  Commission  of  the  State  of 
California  and  superintendent  of  the  claims  department 
of  the  State  Compensation  Insurance  Fund;  a  year  later 
became  Statistician  of  the  National  Workmen's  Compen- 
sation Service  Bureau  in  New^  York,  1916-1920  Actuary 
of  the  Bureau;  Secretary  of  the  National  Council  on 
Workman's  Compensation  Insurance;  contributor  on  Lia- 
bility and  Workman's  Compensation  Insurance  to  the 
Modern  Business  Text  on  "Insurance,"  also  Secretary  of 
the   National   Council  on  Workmen's   Compensation   In- 


T.  Vassar  Morion,  Litt.B. 

Graduate  Rutgers  College;  engaged  in  sales  work  with 
the  American  Hard  Rubber  Company;  office  manager  of 
the  Voorhees  Rubber  Manufacturing  Company;  afterward 
Subscription  Credit  and  Collection  Manager  of  Double- 
day,  Page  and  Company;  member  of  the  National  Associa- 
tion of  Credit  Men;  appointed  Bursar  of  the  Alexander 
Hamilton  Institute  October  1,  1918.  Collaborator  on  the 
Modern  Business  Text  "Credit  and  Collections." 

Bruce  D.  Mudgett,  Ph.D.  Life  Insurance 

Graduate  of  University  of  Idaho;  one  year  of  graduate 
work  at  Columbia  University  and  four  years  at  Univer- 

107 


sity  of  Pennsylvania;  seven  years  instructor  in  insurance, 
Wharton  School  of  Finance  and  Commerce,  University  of 
Pennsylvania;  Assistant  Professor  of  Insurance,  School 
of  Business  Administration,  University  of  Washington, 
Seattle,  Washington.  On  leave  1918-1919  as  Statistical 
Economist,  Bureau  of  Research,  W^ar  Trade  Board, 
Washington,  D.  C. ;  now  Associate  Professor  of  Economics, 
University  of  Minnesota.  Joint  author  vi^ith  S.  S.  Huebner 
of  volume  on  Life  Insurance;  author  of  "The  Disability 
Clause  in  Life  Insurance  Contracts;"  several  articles  in 
economic  periodicals;  contributor  on  life  insurance  to  the 
Modern  Business  Text  on  "Insurance." 

E.  L.  Stewart  Patterson  Domestic  and  Foreign  Exchange 

Educated  in  England;  entered  Eastern  Townships  Bank 
at  Sherbrooke  in  1888;  acted  as  Accountant  for  this  bank 
in  Granby  and  Montreal,  1889-1901;  became  Assistant 
Manager  at  Montreal  in  1902;  served  three  years  (1904- 
1907)  as  Assistant  Manager  at  Sherbrooke;  later  became 
Manager,  and  in  1909  Assistant  General  Manager;  since 
amalgamation  of  the  Eastern  Townships  Bank  with  the 
Canadian  Bank  of  Commerce,  in  1912,  has  served  as  In- 
spector at  Toronto,  and  is  now  Superintendent  of  the 
Eastern  Townships  Branches,  with  headquarters  at  Sher- 
brooke; fellow  of  Bankers*  Institute,  London;  of  Institute 
of  Banking  of  the  United  States;  and  member  of  the 
Canadian  Bankers'  Association.  Collaborator  on  the 
Modern  Business  Text  on  "International  Exchange." 

Frederic  E.  Reeve,  C.P.A.  Accounting 

Born  January  3,  1886;  graduate  of  New  York  Univer- 
sity School  of  Commerce,  Accounts  and  Finance,  June, 
1911.  C.P.A.  Degree,  New  York  State,  August,  1911. 
former  instructor  in  Accounting  at  New  York  University 
School  of  Commerce,  Accounts  and  Finance.  Member  of 
the  firm  of  White  and  Reeve,  Certified  Public  Account- 
*  ants,  1913-1917.  Since  that  date  practising  as  a  certified 
public  accountant  in  New  York  City.  Collaborator  on  the 
Modern  Business  Text  on  "Accounting  Principles." 

Frederick  C.  Russell,  B.C.S.  Auditing 

Graduate  New  York  University  School  of  Commerce, 
Accounts  and  Finance.  Formerly  accountant  for  Carter, 
Howe  and  Company,  manufacturing  jewelers;  connected 
with  the  Auditing  Department  of  the  New  York  Tele- 
phone Company;  formerly  Instructor  in  Accounting,  New 
York  University  School  of  Commerce;  Controller,  Alex- 
ander Hamilton  Institute  since  1916.  Author  of  the  Mod- 
ern Business  Text  on  "Accounting  Principles." 

108 


Bernard  K.  Sandwell,  B.A.  International  Finance 

Graduated  Toronto  University,  1897;  began  newspaper 
work  in  England,  but  returned  to  Canada  in  1900;  edi- 
torial writer  on  Toronto  News;  editorial  writer  and  dra- 
matic critic  on  Montreal  Herald;  specialized  in  economic 
subjects,  and  in  1910  was  one  of  the  founders  of  the 
Montreal  Financial  Times  and  became  editor  of  that  pa- 
per; resigned  1918  to  take  present  post  of  Assistant  Pro- 
fessor of  Economics,  McGill  University,  Montreal;  editor 
of  the  Canadian  Bookman,  1918;  National  Secretary  Ca- 
nadian Authors  Association;  author  of  financial  section  of 
"Canada  and  the  Great  World  War." 

William  W.  Swanson,  Ph.D.  Money  and  Banking 

Studied  at  Queen's  University,  Kingston,  Canada,  and 
specialized  in  Economic  Science  under  Dr.  Adam  Shortt; 
graduated  with  honors  in  1905;  Fellow  at  the  University 
of  Chicago  in  the  Department  of  Political  Economy,  1905- 
1908;  graduated  Ph.D.,  1908;  author  of  "The  Establish- 
ment of  the  National  Banking  System";  associate  editor 
of  the  Montreal  Journal  of  Commerce,  1914;  since  special 
writer  for  the  Journal  of  Convmerce;  contributor  to 
Monetary  Times  and  other  financial  journals  in  Canada;, 
investigated  the  unemployment  problem  for  the  Ontario 
Government  Commission  on  Unemployment,  1915;  Asso- 
ciate Professor  in  Economic  Science  in  Queen's  Uni- 
versity, Kingston,  1908-1916;  Professor  of  Economics  at 
the  Provincial  University  of  Saskatchewan,  since  1916. 

John  B.  Swinney,  A.B.  Merchandising 

Graduated  at  Syracuse  University  in  1904;  previous  to 
entering  college  engaged  in  retail  merchandising;  1904- 
1906,  Superintendent  of  Schools,  Springville,  N.  Y. ;  1906- 
1908,  with  John  Wanamaker  in  retail  merchandising; 
1908-1913,  with  Longmans,  Green  &  Company,  in  whole- 
sale merchandising;  Assistant  Secretary  in  charge  of 
Service,  Alexander  Hamilton  Institute,  1913-1917;  Lec- 
turer on  Wholesale  Merchandising  in  New  York  Univer- 
sity School  of  Commerce,  Accounts  and  Finance,  1916- 
1917;  editor  Harper's  Retail  Business  Series;  Professor 
of  Marketing,  College  of  Commerce  and  Business  Admin- 
istration, Tulane  LTniversity,  1917.  Lecturer  on  Merchan- 
dising in  Columbia  University,  1919.  Now  Superintendent 
of  merchandising,  The  Winchester  Stores  (Chain  Sporting 
Goods  and  Hardware  Stores).  Collaborator  on  the  Mod- 
ern Business  Text  on  "Marketing  and  Merchandising." 

109 


William  H.  Walker,  LL.D.  Financial  Problems 

Educated  in  the  WhartoK  School  of  Finance  of  Univer- 
sity of  Pennsylvania;  Assistant  Purchasing  Agent,  Con- 
solidated Lithograph  Company ;  later  engaged  by  the  same 
company  in  the  installation  of  cost  systems  and  the  organ- 
ization of  branch  plants;  a  number  of  years  Superin- 
tendent and  Assistant  Manager,  Erie  Lithographing  and 
Printing  Company;  resigned  to  become  President  of  the 
Grape  Products  Company;  director  and  ofl&cer  of  numer- 
ous other  corporations ;  engaged  for  many  years  in  special 
study  of  finance,  corporations  and  business  efficiency; 
financial  counsel  to  corporations;  lecturer  and  v^^riter  on 
finance  and  corporations;  in  1913,  appointed  Dean  of  the 
School  of  Accounts^  Finance  and  Commerce,  Duquesne 
University,  Pittsburgh;  director,  Pittsburgh  Commercial 
Club;  member  of  Pittsburgh  Tax  Commission  and  Chair- 
man of  its  Committee  on  Administration;  author  of  the 
Modern  Business  Text  on  "Corporation  Finance." 


110 


SPECIAL  LECTURERS 


The  Special  Lecturers  have  prepared  written  lectures  for 

the  Modern  Business  Course  and  Service,  presenting 

results  of  their  successful  business  experience. 


Erastus  W.  Bulkley  Partner, 

Spencer  Trask  ^  Company 
Graduated  from  New  York  University  in  1891;  five 
years  later  receiving  a  degree  from  the  New  York  Col- 
lege of  Pharmacy.  Following  a  short  period  of  service 
with  the  Pennsylvania  Railroad  Company,  he  entered 
the  service  of  Spencer  Trask  &  Company,  Investment 
Bankers,  in  1898,  as  assistant  manager  of  their  Albany, 
New  York,  office.  Six  years  later  he  was  appointed 
sales  manager  of  the  New  York  City  office;  in  1906,  he 
was  admitted  as  a  partner  in  that  firm,  and  is  at  present 
an  active  member.  He  established  the  educational 
courses  now  in  use  by  Spencer  Trask  &  Company  for 
salesmen  and  office  employes.  He  is  recognized  among 
investment  bankers  as  a  close  student  of  finance,  es- 
pecially of  the  methods  of  distributing  securities  to 
individual  investors.  Governor  and  Chairman  of  the  For- 
eign Relations  Committee  of  the  Investment  Bankers' 
Association  of  America,  1912-1915;  member  of  the  Ad- 
visory Board  of  New  York  University  School  of  Com- 
merce; member  of  the  American  Economic  Association 
and  of  the  American  Academy  of  Political  and  Social 
Science. 

Herbert  S.  Collins  Vice-President  and  General  Manager, 

United  Cigar  Stores  Company 
Born  in  Orleans  County,  New  York;  became  a  clerk 
in  Mr.  Whelan's  cigar  store,  becoming  the  manager  of 
the  business;  came  to  New  York  in  1900,  and  was  one  of 
the  first  salesmen  of  the  United  Cigar  Stores  Company; 
as  sales  manager  Mr.  Collins  is  credited  with  the  de- 
velopment of  window  display  in  the  United  Cigar  Stores; 
in  the  arrangement  of  goods  visible  from  the  sidewalk, 
he  takes  special  interest,  in  order  that  it  may  dovetail 
with  the  other  advertising  of  the  store. 

Ill 


Henry  M.  Edwards  Auditor, 

New  York  Edison  Company 
Born  in  New  York  City;  educated  at  College  of  the 
City  of  New  York;  had  short  experience  in  wholesale 
dry  goods  and  fire  insurance  business;  was  connected  suc- 
cessively with  the  office,  manufacturing  and  selling  or- 
ganizations of  John  Anderson  and  Company,  Tobacco 
Manufacturers;  entered  the  employ  of  the  Manhattan 
Electric  Light  Company,  1889,  as  bookkeeper;  subse- 
quently appointed  Auditor  of  the  company,  and  two 
years  later  was  made  Director  and  Secretary,  which  of- 
fice he  retained  until  the  company,  in  1900,  was  con- 
solidated with  the  Edison  Electric  Illuminating  Com- 
pany; was  in  charge  of  the  financial  operations  incident 
to  the  consolidation  of  all  the  companies  forming  the 
present  New  York  Edison  Company,  of  which  company 
he  was  made  Auditor;  has  been  Chairman  of  the  Ac- 
counting Committee  of  the  National  Electric  Light  As- 
sociation, since  1907;  author  of  "Electric  Light  Accounts 
and  Their  Significance;"  has  contributed  to  trade  journals 
and  other  magazines,  many  papers  on  accounting  and 
financial  subjects  and  has  delivered  many  addresses  on 
these  subjects. 

Harrington  Emerson  Efficiency  Engineer 

Born  in  Trenton,  N.  J.;  educated  in  Paris,  Munich, 
Vienna,  Athens;  took  the  mechanical  engineering  course 
in  Royal  Polytechnic,  Munich;  professor  in  University 
of  Nebraska, '1876-1882;  after  1883  engaged  in  profes- 
sional work  with  C,  B.  &  Q.,  Union  Pacific  and  Santa 
Fe  Railways;  now  president  of  the  Emerson  Company, 
Efficiency  Engineers;  author  of  various  important  works 
which  have  had  a  strong  influence  on  business  methods, 
including  "Efficiency"  and  "Twelve  Principles  of  Ef- 
ficiency." 

Charles  Ernest  Forsdick  Controller, 

Union  Oil  Company 

Born  at  Greenwich,  England;  educated  in  the  grammar 
schools  there,  later  attended  Morden  College  and  the 
Shrewsbury  Schools;  came  to  the  United  States  in  1888, 
and  until  1893  was  engaged  in  accounting  work  in  the 
Southern  States;  then  became  affiliated  with  the  account- 
ing department  of  the  Lehigh  Valley  Railroad  Company 
in  Philadelphia,  of  which  company  he  became  general 
bookkeeper;  in  1901  Mr.  Forsdick  became  associated  with 
Haskins  and  Sells,  certified  public  accountants  in  New 
York,  with  whom  he  remained  for  ten  years;  he  became 

112 


Associate  at  Large  of  the  American  Association  of  Pub- 
lic Accountants  and  a  member  of  the  Institute  of  Ac- 
counts, and  was  for  four  years  a  member  of  the  faculty 
of  the  New  York  University  School  of  Commerce,  Ac- 
counts and  Finance. 

Orlando  C.  Ham  Advertising  Manager, 

National  Lead  Company 
Born  in  Dayton,  Ohio;  educated  in  Ohio  Weskyan  Uni- 
versity and  in  Cornell  University;  entered  business  as 
clerk  in  a  retail  book  store,  afterward  engaged  in  news- 
paper and  trade  paper  work;  at  one  time  advertising 
manager  of  H.  J.  Heinz  Company;  chairman,  National 
Advertising  Commission;  for  two  terms  president  of  the 
Technical  Publicity  Association;  was  the  second  president 
of  the  Association  of  National  Advertising  Managers; 
now  advertising  manager  and  diairman  of  the  sales  com- 
mittee of  the  National  Lead  Company;  originator  of  the 
"Dutch  Boy"  trade-mark. 

A.  Barton  Hepburn  Chairman  Advisory  Board, 

Chase  National  Bank,  New  York 
Born  at  Colton,  N.  Y.;  graduated  from  Middl^bury 
College  and  received  degrees  of  LL.D.  and  D.C.L.  at  St. 
Lawrence,  Columbia  and  Williams  College.  Practised  law 
in  New  York  State,  was  appointed  superintendent  xri 
the  Banking  Department  for  New  York  and  later  Comp- 
troller of  the  Currency.  In  1892  he  was  made  President 
of  the  Third  National  Bank  of  New  York,  then  Vice- 
President  of  National  City  Bank,  and  later  President 
of  the  Chase  National  Bank  of  New  York.  He  is  di- 
rector of  a  number  of  prominent  financial,  industrial  and 
commercial  organizations;  trustee  of  Middlebury  College 
and  Rockefeller  Foundation ;  member  of  New  York  Cham- 
ber of  Commerce  and  various  scientific  and  literary 
societies. 

Lawrence  M.  Jacobs  Vice-President, 

International  Banking  Corporation 
Born  in  Sturgis,  Michigan;  graduated  from  the  Uni- 
versity of  Chicago  in  1899;  was  sent  by  the  Government 
in  1900  to  the  Philippine  Islands,  China  and  Japan;  in 
1903  he  entered  the  National  City  Bank  of  New  York; 
in  1909  he  was  made  foreign  representative  of  the  Na- 
tional City  Bank;  when  the  National  City  Bank  acquired 
the  International  Banking  Corporation  and  the  Interna- 
tional Bank,  he  was  made  Vice-President  of  the  former 
and  the  President  of  the  latter. 

113 


Jackson  Johnson  Chairman  of  the  Board, 

International  Shoe  Company 
Bom  Ir  LaGrange,  Alabama;  entered  the  general  store 
business  in  Holly  Springs,  Mississippi;  for  five  years  en- 
gaged in  the  wholesale  shoe  business.  In  1898  moved 
to  St.  Louis,  and  was  one  of  the  leaders  in  organizing 
the  Roberts,  Johnson  and  Rand  Shoe  Company;  Presi- 
dent of  tliis  con^pany  until  1911,  when  the  International 
Shoe  Company  was  formed  by  the  consolidation  of  the 
Roberts,  Johnson  and  Rand  Shoe  Company  and  the 
Peters  Shoe  Company.  In  1912  the  Friedman-Shelby 
Shoe  Company  was  purchased  and  became  one  of  the 
sales  branches  of  the  International  Shoe  Company.  Mr. 
Johnson  was  elected  the  first  president  of  the  Interna- 
tional Shoe  Company,  a  position  which  he  held  for  five 
years,  and  until  he  was  chosen  chairman  of  the  board 
the  position  which  he  now  fills.  Is  director  in  the 
First  National  Bank  in  St.  Louis  and  the  St.  Louis 
Union  Trust  Company;  member  of  the  Board  of  Trustees 
of  Washington  L^niversity.  For  two  terms,  ending  No- 
vember, 1919,  was  president  of  the  St.  I^ouis  Chamber  of 
Commerce  and  during  his  incumbency  the  activities  of 
tills  organization  were  greatly  extended  and  intensified. 
During  the  war  he  served  the  Government  as  regional 
advisor  to  the  War  Industries  Board. 

Fowler  Manning  Sales  Manag^^er, 

Diamond  Match  Company 
Born  in  Texas;  entered  business  as  a  traveling  sales- 
man; he  left  the  road  to  join  the  inside  sales  organiza- 
tion of  the  Meyer  Brothers'  Drug  Company,  SL  Louis, 
with  a  view  to  securing  an  insight  into  the  methods  em- 
ployed in  the  sales  management  of  a  large  successful 
business;  specialized  in  sales  organization  and  sales  re- 
organization to  broaden  still  further  his  experience  in 
connection  with  specialty  lines. 

Finley  H.  McAdow  Past  President  of  the  National 

Association  of  Credit  Men 
Born  in  Ohio;  educated  in  Ohio;  entered  Chicago 
Branch  of  Clias.  Scribner's  Sons  as  bookkeeper;  two  years 
later  he  became  Assistant  Superintendent  and  Cost  Ac- 
countant for  Racine  (Wis.)  Hardware  Manufacturing 
Company;  Secretary  and  Treasurer  of  Staver  Brothers 
Carriage  Company  of  Chicago;  has  long  been  associated 
with  the  National  Association  of  Credit  Men,  having 
served  vvith  honor  as  Director,  and  President  of  the 
Chicago  Local  Association,  and  as  Director,  Vice-Presi- 

114 


dent  and  for  two  terms  President  of  the  National  Asso- 
ciation of  Credit  Men.  He  is  a  Lecturer  on  Credits  in 
Central  Y.  M.  C.  A.  of  Chicago  and  Credit  Manager  of 
Skinner  Brothers  of  Chicago. 

General  Charles  Miller  Former  Chairman  of  the  Board, 

Oalena-Signal  Oil  Company 
Born  in  Alsace,  France,  Educated  in  France;  given  de- 
gree of  A.M.,  Bucknell  University;  entered  oil  business^ 
1869,  and  had  been  President  Galena-Signal  Oil  Company 
since  its  organization;  director  in  over  forty  industrial 
corporations ;  entered  the  Civil  War  vi^hen  twenty  years  of 
age;  formerly  Mayor  of  Franklin,  Pa.;  commissioned  in 
National  Guard  of  Pennsylvania,  1880,  as  Major;  pro- 
moted to  Brigadier  General  and  Major  General  command- 
ing the  National  Guard,  retiring  in  1906;  decorated  by 
French  Government  as  Chevalier  of  Legion  of  Honor 
for  eminent  services  to  industry  and  commerce. 

Melville  W.  Mix  President j  Dodge  Manufacturing  Co. 

Born  in  Atlanta,  111.;  at  the  age  of  twenty-one  en- 
tered employ  of  Dodge  Manufacturing  Company  of 
Mishawaka,  Ind.,  and  held  various  positions  in  the  com- 
pany; in  1894  he  was  elected  Vice-President  and  Gen- 
eral Manager,  and  in  1896  President  of  the  company; 
was  formerly  President,  American  Supply  and  Machinery 
Manufacturers'  Association;  Vice-President  from  Indiana 
of  National  Association  of  Manufacturers;  served  two 
years  as  Mayor  of  Mishawaka,  and  later  as  member  for 
Indiana  of  Louisiana  Exposition  Commission;  was  sub- 
sequently appointed  by  the  Governor  of  Indiana  as  mem- 
ber of  commission  to  investigate  laws  and  conditions  of 
woman  labor  and  to  recommend  proper  legislation  in 
connection  therewith. 

Emmett  Hay  Naylor  Secretary-Treasurer, 

Writing  Paper  Manufacturers'  Association 
Educated  in  Dartmouth  College,  New  York  Law 
School,  and  Graduate  School  of  Harvard  University;  for 
four  years  Secretary  of  the  Springfield  (Mass.)  Board 
of  Trade;  held  honorary  offices  of  President  of  the  New 
England  Association  of  Commercial  Executives  and  Sec- 
retary-Treasurer af  the  American  Association  of  Com- 
mercial Executives;  later  Secretary-Treasurer  of  the 
Western  New  England  Chamber  of  Commerce;  now  Sec- 
retary-Treasurer of  the  Writing  Paper  Manufacturers' 
Association;  also  Secretary-Treasurer  of  the  Cover  Paper 
and   Tissue   Paper    Manufacturers'    Association;   special 

116 


lecturer  before  the  graduate  schools  of  Dartmouth  Col- 
lege, Harvard  and  New  York  Universities;  author  of 
various  magazine  articles  concerning  the  principles  and 
possibilities  of  commercial  organization  vv^ork. 

Holbrook  F.  J.  Porter  Consulting  Engineer 

Born  in  New  York  City;  educated,  Lehigh  University; 
served  successively  with  several  industrial  corporations, 
1878-1894;  western  representative,  Bethlehem  Steel  Com- 
pany, 1894-1901;  eastern  representative,  1901-1902;  Vice- 
President  and  General  Manager,  Westinghouse-Nernst 
Lamp  Company,  1902-1905;  consulting  industrial  engineer 
in  independent  practice  in  New  York  since  1905. 

Welding  Ring  Exporter 

Born  in  Cornwall,  N.  Y.;  entered  business  in  1864  as 
clerk  in  an  importing  house;  after  spending  a  year  in 
the  importing  establishment,  spent  several  years  in  a 
grain  and  flour  commission  business;  since  that  time  has 
been  engaged  in  exporting  to  Australia,  New  Zealand, 
South  Africa  and  Europe;  has  visited  all  these  countries, 
as  well  as  China,  Japan -and  the  East  Indies,  and  has 
studied  their  problems  at  close  range;  now  senior  mem- 
ber of  the  exporting  firm  of  Mailler  and  Quereau;  Direc- 
tor and  Vice-President  of  the  United  States  and  Aus- 
tralia Steamship  Company;  member  of  the  New  York 
Chamber  of  Commerce  and  Chairman,  Executive  Commit- 
tee of  the  Produce  Exchange  and  Maritime  Exchange; 
ex-President,  Exporters  and  Importers'  Association;  Di- 
rector, Foreign  Trade  Council;  Trustee,  Williamsburg 
Savings  Bank. 

Arthur  Webster  Thompson  President^ 

Philadelphia  Company  of  Pittsburgh 
Born  in  Erie,  Pa.;  graduated  in  1897  from  Alle- 
gheny College  with  the  degree  of  Civil  Engineer;  was 
rodman  on  location  work  for  the  Pittsburgh,  Buffalo  and 
Lake  Erie  Railroad;  was  appointed  Assistant  Division 
Engineer  of  the  Baltimore  and  Ohio  Railroad  at  Pitts- 
burgh in  1900  and  gradually  rose  until  in  July,  1916,  he 
became  Vice-President  of  this  railroad  in  charge  of 
Traffic  and  Commercial  Development;  is  President  of  the 
Board  of  Trustees  of  Allegheny  CoUege  and  a  member  of 
the  following  scientific  societies:  American  Railway  Asso- 
ciation (Vice-President)  ;  American  Society  of  Civil  En- 
gineers; American  Railway  Engineering  Association;  En- 
gineers' Society,  Western  Pennsylvania;  American  Acad-  . 
emy  Political  and  Social  Science;  is  a   director  of  the 

116 


National  Bank  of  Commerce  and  of  the  Citizens  Company 
of  Baltimore,  and  Chairman  of  the  Board  of  Managers 
and  Director  of  the  Washington  (D.  C.)  Terminal  Com- 
pany; member  of  the  Special  Committee  on  National 
Defense,  of  the  American  Railway  Association;  appointed 
by  the  Governor  a  member  of  the  Maryland  Preparedness 
and  Survey  Commission. 

Frederick  S,  Todman  General  Manager 

Hirschy  LilUenthal  ^  Company 
Born  in  New  York  City;  educated  in  New  York  Uni- 
versity, which  institution  later  bestowed  upon  him  the 
degree  of  Master  of  Commercial  Science;  Mr.  Todman 
early  specialized  in  the  subject  of  finance  with  particular 
reference  to  the  work  of  Wall  Street  and  the  Stock  Ex- 
changes. On  these  subjects  he  has  written  extensively 
for  the  magazines  and  the  public  press;  author  of 
"Brokerage  Accounts;"  in  1914  identified  with  the  Finan- 
cial Department  of  the  New  York  University  School  of 
Commerce,  Accounts  and  Finance. 

John  Conselyea  Traphagen  Treasurer, 

Mercantile  Trust  and  Deposit  Company  of  New  York 
Educated  in  New  York  University;  became  manager 
of  statistical  department,  Standard  Statistics  Company, 
1910;  elected  a  director,  1914,  and  Vice-President  of  this 
company  in  1915;  became  Assistant  Secretary  of  the 
Franklin  Trust  Company  of  New  York,  1916.  He  is  now 
the  treasurer  of  the  Mercantile  Trust  and  Deposit  Com- 
pany of  New  York;  he  is  a  trustee  of  the  American  Sav- 
ings Bank,  and  secretary  to  reorganization  committees  of 
some  of  our  largest  railroad  and  street  railway  systems. 

John  Wanamaker  Merchant 

At  the  age  of  fourteen  was  errand  boy  in  a  book  store; 
later  he  became  salesman  in  a  clothing  store;  and  at 
twenty-four  founded  a  small  clothing  establishment  in 
Philadelphia;  in  1876  he  established  his  general  store  in 
Philadelphia,  and  in  1896  revived  the  business  of  Mr.  A. 
T.  Stewart  in  New  York;  today  the  Wanamaker  stores  in 
New  York  and  Philadelphia  are  among  the  largest  of 
their  kind;  has  been  actively  interested  in  politics  and 
was  Postmaster-General  of  the  United  States  in  President 
Harrison's  cabinet,  where  his  capacity  for  organization 
won  him  marked  distinction;  he  has  always  been  inter- 
ested in  philanthropic,  religious  and  educational  work; 
he  founded  the  Presbyterian  Hospital,  and  also  the  Beth- 
any Presbyterian  Church  Sunday  School;  in  1912  he  was 

117 


given  the  aecoration  of  OiHicer  of  the  Legion  of  Honor 
by  the  French  Government. 

Walter  N.  Whitney  Vice-President, 

Continental  Grocery  Stores,  Inc. 
Born  in  Elniira,  N.  Y.;  educated  in  the  Public  Schools 
of  Buffalo,  N.  Y. ;  began  his  business  career  in  the 
Central  Railway  Clearing  House;  three  years  later  he 
entered  the  service  of  the  l^arkin  Company.  Subsequently 
Mr.  Whitney  found  his  sphere  in  the  advertising  and  sell- 
ing departments,  working  his  way  through  the  various 
branches;  in  1916  he  originated  and  conducted  an  adver- 
tising and  selling  campaign  that  is  said  to  have  been  one 
of  the  most  successful  campaigns  in  the  history  of  Larkin 
Company.  More  than  $3,000,000  worth  of  business  was 
credited  to  that  campaign.  I>ater  he  was  associated  with 
the  mail-order  work  of  Merrell-Soule  &  Company,  manu- 
facturers of  food  products  at  Syracuse,  N.  Y.  He  is  now 
Vice-President,  Continental  Grocery  Stores,  Inc. 


118 


Summing  it  up: 

Isn't  It  true  that  many  of  the  interests  in 
your  life  are  centered  on  your  business  progress? 
So  much  depends  on  your  success  or  failure  in 
business.  Your  daily  bread,  your  social  position, 
your  ambition,  the  welfare  of  your  family,  every- 
thing you  expect  to  be  and  have  may  be  decided 
for  or  against  you  by  your  accomplishments  in 
business. 

Do  you  consider  as  seriously  your  plans  of 
how  you  are  to  succeed  as  you  do  your  plans  of 
what  success  you  hope  to  attain? 

Surely,  since  so  much  depends  on  it,  isn't  it 
your  duty  to  take  advantage  of  every  possible 
opportunity  to  better  your  conditions  right  now? 

Briefly  stated,  the  Modern  Business  Course 
and  Service  offers  you  a  thorough  training  in 
practical  business  knowledge — a  training  that 
prepares  you  to  become  a  better  business  man. 
It  is  helping  thousands  of  other  men  in  a  dollars 
and  cents  way.    It  can  help  you  too. 

Our  subscribers  do  succeed  faster,  do  accom- 
plish more,  do  make  more  money  than  the  aver- 
age business  man.  The  evidence  is  overwhelm- 
ing. The  value  of  the  Course  and  Service  is 
established.    No  thinking  man  can  doubt  it. 

The  question  is,  are  you  willing  to  override 
the  countless  insignificant  objections  and  con- 

119 


sider  the  one  big  fundamental  reason  why  you 
should  enrol?  Are  you  willing  to  sacrifice  a 
little  time,  a  little  money,  a  little  effort  in  order 
to  attain  success  in  the  biggest  factor  in  your 
life — business? 

If  you  have  confidence  in  your  ability,  if  your 
ambitions  are  sincere — you  can't  decide  against 
it. 

You  will  take  this  first  step  toward  bigger 
business  success  now  by  joining  the  145,000  other 
progressive  men  who  are  following  the  Modern 
Business  Course  and  Service. 


PRESS   OP   ANDREW    H.    KELLOGG   CO.,    NEW   YORK 


120 


14  DAY  USE 

RETURN  TO  DESK  FROM  WHICH  BORROWED 

LOAN  DEPT. 

This  book  is  due  on  the  last  date  stamped  below,  or 

on  the  date  to  which  renewed. 

Renewed  books  are  subject  to  immediate  recall. 


^PR    6M 


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RECP  I  P 


DEC  191061 


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General  Library 

University  of  California 

Berkeley 


YB  06049 


ivi501553 

AGA3 


